If you hold a PSG SIPP or Alltrust SIPP, you may be questioning whether your current adviser or provider is still the best fit for your retirement planning.
Following the PSG SIPP administration in October 2024 and subsequent transfer of the bulk of their pensions to Alltrust, many SIPP members are re-evaluating and asking themselves:
- Should I remain with Alltrust?
- Do I need a new financial adviser?
- Is now the right time to transfer my SIPP to another provider?
This blog explains what happened with PSG and Alltrust, why many SIPP holders are reviewing their options, and how to make the right decision for your pension.
Why PSG and Alltrust SIPP Holders Are Re-Evaluating Their Advice
Self-Invested Personal Pensions (SIPPs) like PSG and Alltrust provide flexibility and control. However, many SIPP holders are now reassessing their advisory relationships due to:
- Lack of transparency in fees and commissions
- Insufficient communication or outdated advice
- Poor investment performance or lack of personalised planning
- Concerns about regulatory history or firm changes
- Limited service offering, especially around holistic retirement planning
If these issues sound familiar, you are not alone. A growing number of PSG and Alltrust SIPP clients are seeking transparent, fee-based financial advice.
What Happened to PSG SIPP?
On 25 October 2024, PSG SIPP entered administration. Its SIPP business, excluding Unity SIPP, was acquired by Alltrust.
Unity SIPP was excluded from the transaction and was later transferred to Pathlines (formerly London & Colonial) on 9 January 2025.
Despite the administration, day-to-day SIPP operations continued as normal. Members were still able to contribute, draw benefits, and give investment instructions without disruption. FCA
The administrators confirmed that the insolvency was triggered by anticipated client claims linked to the Brite Advisors Pty investment platform. S&W
Key dates
- 25 Oct 2024 — PSG SIPP entered administration; main SIPP business sold to Alltrust
- 9 Jan 2025 — Unity SIPP transferred separately to Pathlines (London & Colonial)
What to Look for in a New SIPP Adviser
One of the first things that AllTrust did when they took over the PSG SIPP was to terminate all the existing terms of business, and revisit all adviser relationships. When choosing a new adviser or considering a SIPP transfer, there are several key factors to evaluate:
✅ Transparent, Fee-Based Advice
Avoid opaque commission structures that incentivise product selling over client outcomes. A 100% fee-based adviser ensures their goals are aligned with yours, with no hidden agendas. There is a reason the UK FCA banned commissions back in 2012.
✅ Strong Regulatory Standing
Make sure your adviser is regulated where you are located (FCA/SEC etc), experienced, and has a clean compliance record, especially important if your previous SIPP or advice experience raised any red flags.
✅ Full Financial Planning, Not Just Investment Advice
Look for a firm that offers comprehensive, holistic financial planning, covering tax optimisation, retirement projections, withdrawal strategies, and estate planning, not just fund selection.
✅ SIPP Expertise and Transfer Experience
A well-qualified adviser should have direct experience with PSG SIPP/Alltrust SIPP, and/or similar providers, and be able to guide you through the pros and cons of staying vs. transferring.
Should You Transfer Your PSG or Alltrust SIPP?
Many clients ask us whether they should transfer their SIPP to a new provider. The answer depends on several factors:
- Are your current charges high relative to the service provided?
- Is your investment flexibility limited?
- Are you dissatisfied with the level of advice or communication?
- Have recent changes at PSG/Alltrust made you uneasy?
If any of these apply, a transfer may be worth exploring. However, it’s important to complete a full cost–benefit analysis and check for any exit penalties or tax implications before making a decision.
A good adviser will walk you through all available options, not push you toward a specific product or provider. In fact, it may be that there is no need to change your SIPP at all, sometimes all that’s required is a new investment platform and a new financial adviser who can provide the right level of support.
PSG & Alltrust SIPP: Your Options in 2025
Option A — Stay with Alltrust, appoint a new adviser (and optionally change platforms)
This is often the fastest stabilisation path:
- Appoint a new adviser who has or can obtain ToB with Alltrust
- Review the current platform/funds. You can keep the SIPP at Alltrust and move investments onto a clean, mainstream platform if suitable.
- Tidy fees & governance (platform costs, OCFs, drawdown setup, property/illiquid holdings if any).
When this suits: You want continuity and speed, minimal friction, or you hold assets that are simpler to re-platform than to transfer providers.
Option B — Full SIPP transfer to another provider
You can transfer your SIPP to an alternative operator. Expect a standard transfer-out charge and admin timelines (longer if you hold property or non-standard assets). Administrators explicitly confirm you can transfer out, subject to your contract terms and fees. Alltrust’s fee schedules outline typical transfer charges.
When this suits: You prefer a different provider’s service model/fees, want to consolidate pensions, or your new adviser only operates with specific SIPP platforms.
Option C — Wait, but secure advice now
If parts of your portfolio are entangled (e.g. assets originating from the Brite platform), it can still be prudent to appoint a new adviser immediately to map the exit route, complete KYC/ToB, and prepare the paperwork so you’re transfer-ready when movement is possible. With Brite also looking like assets may be ready to send back to the Trustees shortly, this is more relevant than ever.
Why PSG & Alltrust SIPP Clients Choose Cameron James
At Cameron James, we specialise in guiding SIPP clients through provider transitions and complex pension situations. Our experience with former PSG and Alltrust members means we understand the challenges, and how to solve them.
Transparent fees
No commissions, no hidden costs, and no double charging. Our fee-only model ensures our advice is aligned with your best interests.
Specialist transition experience
We have already onboarded numerous ex-PSG and Brite clients, including US-resident members, and are familiar with Alltrust’s Terms of Business and transfer processes.
Cross-border expertise
Whether you live in the UK or overseas, all of our advisers are FCA and EU Authorised, with several also being SEC authorised, offering transparent, fixed-fee advice across all major SIPP platforms.
Practical execution
From change-of-adviser forms to platform migrations or full SIPP transfers, we handle the paperwork and sequencing end-to-end, ensuring your pension doesn’t stall due to technicalities.
The results that matter
Our goal is simple: a fully compliant adviser relationship, lower all-in costs where possible, a stronger investment strategy, a clear exit plan from any legacy exposures and a collaborative holistic ongoing financial planning relationship with our clients.
Alltrust’s vetting of new advisers (qualifications & CPD)
As part of re-papering its Terms of Business, Alltrust confirms that any adviser or firm must be appropriately authorised and meet UK professional standards before being onboarded. In practice, this means your appointed adviser should:
- Be regulated and authorised in the jurisdiction where you are resident (e.g., SEC in the US, FCA in the UK, CySEC in the EU).
- Hold a minimum of an RDR-compliant Level 4 qualification for retail investment advice (such as CII DipPFS, CISI IAD, or LIBF DipFA), as listed in the FCA’s TC Appendix 4.
- Maintain verifiable CPD records, a minimum of 35 hours annually, of which at least 21 must be structured, and be able to provide evidence if requested by their accredited body.
If your existing adviser does not already hold Alltrust Terms of Business, they will need to apply and be approved before they can act on your SIPP.
Cameron James Perspective on Alltrust SIPP
Although we had limited experience with Alltrust prior to their acquisition of PSG SIPP, the level of scrutiny they applied during the Terms of Business process was reassuring. Ensuring that advisers are properly regulated and qualified, and requiring substantial proof of this, is a standard rarely seen among non-UK resident SIPP providers. As a result, we expect that many advisers who previously held Terms of Business with PSG may not be approved by Alltrust. This is a positive development and, in our view, a step toward better client outcomes.
While we do not yet have extensive first-hand experience of Alltrust’s ongoing service levels, feedback from some clients, including those affected by the Brite Advisors situation—has been encouraging. Several have noted improvements compared with their experience under PSG’s management. This may reflect Alltrust’s determination to make a strong first impression, but regardless, it is certainly better than reports of poor responsiveness.
For those impacted by Brite Advisors, we have been clear in recommending transfers where we believe it is in a client’s best interests. However, we are also comfortable that Alltrust has no connections to any parties that would cause us concern. For clients who are focused on reinvesting quickly or avoiding the disruption of a transfer, we see no immediate reason to move away from Alltrust as a provider.
That said, every client’s circumstances are unique. Formal recommendations will only be made following a full regulated advice process and a comprehensive review of each case.
Finally, it is important to stress that Cameron James is 100% independent. We have no ties to any provider, trustee, or platform. If, at any point, be it 6, 12, or 18 months from now, Alltrust no longer meets the standards we require for our clients, we will recommend a transfer to a more suitable provider. In such cases, we will never double charge on the same assets.
Your Next Step: A Transparent Review of Your SIPP
Whether you're feeling let down by your current adviser or provider, worried about hidden fees, or just want a second opinion, we’re here to help. At Cameron James, our priority is helping you feel in control of your pension and your future.
👉 Book a no-obligation SIPP review today to explore whether you should stay put, change advisers, or consider transferring to a more suitable SIPP provider.
FAQ
Yes, if no assets on the Brite Advisors platform. The administrators confirm members can transfer out subject to terms and fees; complex assets can extend timelines.
Your ToB was terminated, so you’ll need to appoint a new adviser to take any advised actions on your SIPP. Cameron James has terms of business under our SEC authorisation.
No. You can appoint a new adviser who holds ToB with Alltrust and (if suitable) simply re-platform inside your existing SIPP.
Unity SIPP was excluded from the Alltrust acquisition and instead transferred to Pathlines (London & Colonial) on 9 Jan 2025.