In annual results released today, the firm said revenue grew by 35% to a record £2.86m and profits were up by a fifth during the year.

Despite the current woes in the SIPP market, the firm said there was “strong uptake” from advisers with sales between April and June 2018 up by 20% on the same time last year.

The Manchester-based pension firm, 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.

Liberty now administers 12,800 SIPPs.

The firm said much of the new business came through a growing network of partnerships with platforms and DFMs and adviser recommendation. The firm now works with 745 financial adviser firms across the UK.

The provider offers just one product; the low-cost Liberty Option SIPP. Introduced in 2013, it has no set up fee and an annual management fee of £175 plus VAT.

The firm 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 adviser’s toolkit.

“Liberty has built strong relationships with hundreds of trusted adviser firms and technology partners. 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.”