Dundee pension firm doubles profits

Jennifer Curtis

Newly published accounts show sales at the firm rose by £2.5 million to £46.1m for the year ending December 31.

Pre-tax profits increased to £10.1m from £5.9m in 2017.

Managing director Jennifer Leith said growth at the company, which also has offices in Bristol and Ipswich, has been fuelled by a persistently robust appetite for SIPP pensions.

She said: “The appetite for SIPPs is still strong. The product is more accessible than it’s ever been to a broader range of members of the public because it’s a much more flexible option. People are looking to get the best return and to allow the best income for their retirement.”

Formed 10 years ago, the company is now the UK’s largest independent SIPP and small self administrated scheme (SSAS) provider with 77,500 customers.

Its Alliance Trust Savings acquisition comprised of a book of 6,000 pensions worth around £3 billion and the business now boasts assets under administration at the end of 2018 of £24.8bn.

The decade-old firm also owns more than 6,000 commercial properties on behalf of its pension savers, making it one of Europe’s largest landlords.

Looking ahead to the firm’s plans for its Dundee site, Ms Leith told the local Courier newspaper: “We have great aspirations for growth, company wide but particularly in the Dundee office as we have room to grow within our existing premises. It’s a really exciting time for the business.”

She added: “Our site can comfortably take 80 staff so that’s our next goal but it’s always about what’s right for the business.”