Liberty SIPP reports record annual results
Source: The Business Deck | 23rd July 2018
Bury-based SIPP (self-invested personal pension) provider Liberty SIPP grew revenue by a third and profits by a fifth in its most successful year, according to annual results published today.
The pension firm saw its revenues grow by 35% in the 12 months to April, taking its annual turnover to a record £2.86m.
The company, which currently has £2.95bn of assets under management, made a pre-tax profit of £506,000 in 2017-18 – up 19% on the previous year.
Business has been brisk at the start of the current year, too, with sales between April and June jumping by 20% on those made during the same period in 2017.
Liberty now administers 12,800 SIPPs.
Much of this new business has come through a rapidly-growing network of partnerships with platforms and DFMs (discretionary fund managers), and through adviser recommendation.
Introduced in 2013, it charges no set up fee and an annual management fee of just £175, plus VAT.
The firm, which was shortlisted in the best pension provider category of the 2017 Money Marketing Awards, employs more than 50 staff and grew its pension administration team by a third in the past year.
Matthew Rankine, director of sales and marketing at Liberty SIPP, said: “These are exciting and challenging times for the SIPP sector as a whole.
“As fees have come down, SIPPs have become a more mainstream product, and are now an essential part of every advisor’s toolkit.
“Liberty has built strong relationships with hundreds of trusted adviser firms and technology partners, thanks to our reputation for offering a personal, fast and efficient service.
“We’re hugely proud of the progress we’ve made and our record-breaking results are testament to the passion and hard work of our fast-growing team.
“We’re determined to build on our achievements and have invested in the people and technology we need to provide an even better service to both present and future clients.”
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