Expanding Sipp provider sees sales jump

Expanding Sipp provider sees sales jump

Self-invested personal pension (Sipp) and small self-administered personal pension (Ssas) provider @Sipp reported an increase in sales in the first half of 2018. 

The Glasgow-based provider's sales went up to £278,000 during the first half of 2018, compared to £192,000 during 2017.

New business was reported to have gone up by 45 per cent from the previous year with the provider’s overall number of Sipps growing by 14 per cent for the first half of 2018.  

The majority of @Sipp’s sales came from property cases and saw a 74 per cent increase during the first half of this year.

@Sipp, which administers around £1bn of assets, said the growth reflected an increase in revenue, profits and the amount of Sipps under administration. 

Eddie McGuire, managing director of @Sipp, said: "This is a fantastic set of figures for our business and I am especially pleased to see the continued endorsement of our proposition by the adviser community.  

"As we all know, our industry is fighting on a number of fronts and I am pleased that the consistency of our service is, away from all the re-platforming drama, offering some stability.  

"Our clients are typically business owners and property owner/occupiers who value service above all else. It is therefore vital that we not only maintain our high service standards, but also seek to improve them."

In 2016 @Sipp bought Essex-based firm Alfa Trustees, which increased its presence in the Ssas market and boosted its assets to £850m.