Suffolk Life has added over 2,700 new self invested personal pensions in the past 12 months, taking its assets under administration to over £5bn for the first time.
The increase in new business does not include transfers from the wind-up of Pointon York’s The PY Sipp.
Furthermore, the Sipp provider has seen a record 340 commercial properties completed in 2012 helping Suffolk Life’s property portfolio grow to in excess of 2,600. Commercial property is now considered by the regulator to be a non-standard investment, following the Financial Services Authority’s consultation paper, which means that Suffolk Life will have additional capital adequacy requirements to meet than a firm that purely holds standard assets.
However, Greg Kingston, head of marketing for Suffolk Life, told FTAdviser that the firm “already has sufficient reserves in place already to deal with that”.
He said: “In a number of ways 2012 was the best year yet for Suffolk Life. We delivered strong growth of new Sipp business at the same time as delivering significant change and improvements to our business.
“Adding diversity to our proposition, focussing on platforms and DFMs with the introduction of the value-orientated SmartSipp and SimSipp, made an important contribution.”
David Hobbs, managing director of Suffolk Life, added: “The regulatory environment for Sipp operators remains extremely challenging, and as some firms decide to leave the market we will continue to look for opportunities to grow our business acquisitively. The positive reception from both advisers and investors following the wind-up of The PY Sipp validates that approach whilst the backing of L&G as a strong parent continues to add confidence.”