SIPP provider Dentons Pensions has reported a 55% rise in new SIPPs business pushing its total number of schemes above 7,800.

In its H1 trading update the firm says it saw continued growth in the first half.

The firm said that new business was up 55% on the same period last year, with non-standard assets falling to 5%.

The firm said both SIPP and SSAS grew with 51% of SIPPs coming from other pension providers.

Overall Assets under Administration were up 40% to £7.043bn. The number of SIPPs now exceeds 7800. The number of SSASs exceeds 1300. Over 3700 properties are administered on behalf of clients.

Some 43% of new SIPPs are single portfolio SIPPs and 22.5% of SIPPs are transfers from other SIPP providers.

David Fox, sales and marketing director, said: “At the start of the pandemic no one expected it to last quite so long, and it has meant that businesses have had to adjust to different ways of working.

“I have been so pleased with how we switched initially to remote working, with everyone able to remain connected through our IT and telephone systems, to now being back to fully office-based.”

He said new business figures for 2020 exceeded those of 2019, with 2021 shaping-up to be even stronger.