PSG SIPP Goes Into Administration

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Post on Oct 28, 2024

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PSG SIPP Goes Into Administration: What Does This Mean For Your Pension?

Okay, so you’ve heard the news: PSG SIPP, that company that handles your pension, has gone into administration. It’s a scary word, "administration," right? Feels like the financial world is crashing down around you. But don't panic! Let's break down what this means for you and your hard-earned pension.

What Does Administration Mean?

In simple terms, administration means that PSG SIPP is basically "closed down" and a specialist team will step in to handle things. Think of them as the financial cleanup crew. They're there to figure out what's what, pay off any debts, and, most importantly, protect your pension. This means your pension is safe - it's not gone, it's just being managed by someone else now.

What Happens Next?

The good news is, you don't need to do anything right now. The administrators will be in touch with you directly to explain everything. They'll tell you how to access your pension and what your options are moving forward. Don't worry, you'll get all the information you need.

What About My Pension?

Your pension is safe and secure. The administrators will work hard to make sure you receive your money in full. The key is to stay calm and follow the administrators' instructions. You'll have time to choose what you want to do with your pension, whether that's taking it as a lump sum, setting it up as an annuity, or moving it to a different provider.

Where Can I Find More Information?

You can find updates and information on the Financial Conduct Authority (FCA) website. They're the watchdogs of the financial world, and they'll be keeping a close eye on the situation. Look for any news releases or announcements regarding PSG SIPP.

What Can I Do To Protect Myself?

The best thing you can do is to stay informed. Keep an eye on your mail and any emails from the administrators. Don't be afraid to ask questions. The administrators are there to help you, and they'll do their best to make sure you understand everything.

Remember: It's a tough situation, but your pension is safe. Stay calm, follow the instructions, and keep the faith! This is just a bump in the road, and your future retirement is still on track.