LEBC, the employee benefits and pension adviser, is recruiting for advisers and Paraplanners following a round of redundancies last year which saw 50 roles axed.

The company say it was forced to cut jobs after it suddenly withdrew from the DB pension transfer market which provided 20% of its turnover.

The firm withdrew from DB transfer business five months ago.

The firm says after a substantial loss of staff following the DB exit it is now recruiting once more as it expands in other advice areas.

Kay Ingram, LEBC director of policy, said: “Following our withdrawal from DB transfers, which made up 20% of our turnover, we are expanding our activity and investment in the other areas of work we are involved in.

“In particular bionic advice and cashflow planning to both enhance service to our existing clients and to meet the growing demand for at retirement, workplace advice and guidance, including communications and guidance services on behalf of trustees.”

The company, which employs 170 staff, had to use external Paraplanners after a significant number of staff exited the business.

In September LEBC relinquished its DB transfer permissions following an FCA review, although declined to comment in detail on the background.

LEBC’s majority owner, the private equity firm BP Marsh & Partners, released a statement to the London Stock Exchange at the time, stating that LEBC’s division that dealt with DB transfers had “voluntarily” agreed to “cease the provision of DB transfer advice and projects” immediately.

BP Marsh, which owns nearly 60% of LEBC Holdings Limited, said at the time it expected the move to reduce the valuation of LEBC but it would continue to support the company with the aim of restoring its value.

Ms Ingram said despite the loss of DB transfer business the firm had “never been busier” in other areas.

The company has partnered with Equiniti to provide additional Paraplanning support to meet peak demand and supplement the work of in-house  Paraplanners as it seeks to expand their number.