Liberty SIPP to invest in new staff and products
PENSIONS specialist Liberty SIPP is set to boost its workforce by more than a third and launch new products in the coming year.
The enterprising Bury company has also reported its annual results, which it described as “steady” after a year of significant investment and change in the sector.
Turnover in the year to the end of March was unchanged at £1,5m. while pre-tax profits were lower at £444,858, compared with £682,272.
The business bolstered its cash reserves from £970,974 to £1,3m in readiness for the anticipated new capital adequacy requirements for providers of Self Invested Personal Pensions (SIPP), which are expected to be announced by the Financial Conduct Authority.
Based in Bury Liberty SIPP was founded in 2007 by its managing director, John Fox and serial investor Ian Currie. Its operates a
transparent fee structure and has funds under management of £280m.
Liberty SIPP currently has 26 members of staff and is looking to recruit a further 10 over the next 12 months to meet expected demand.
Mr Fox said: “We believe SIPPs’ popularity will continue to rise in the years ahead and, as they become more mass-market, it’s vital to keep it simple.
“We have also invested heavily in the technology platform, as today’s
SIPP,f or both the IFA and client, needs to be real-time and always-on.”
The company’s new Liberty Option SIPP will charge a flat annual fee of £150 and pay 1% interest on its cash account from which it will take no commission. The fee covers contributions, administration, access to an online valuation tool, annual reporting and one free standard investment such as a regulated discretionary fund manager account.
During a transfer to the Liberty Option SIPP, the IFA and their client can stay up to date on progress via an online portal.
