Pensions and SIPP provider @sipp has promoted finance director Steve Lancaster to a newly-created role of chief operating officer role after he was one of the two people behind a management buy-out of the firm earlier this year.

He will oversee the business’s sales and operations departments as well as keeping his finance responsibilities.

He will focus on the firm’s continued service proposition and work on building up strong working relationships with IFAs.

Mr Lancaster has been with @sipp for more than a decade and played an instrumental role in the successful management buyout earlier this year.

He sits on the company’s board alongside managing director Eddie McGuire, the other man behind the buy-out, and will continue to report to Mr McGuire.

Mr Lancaster previously held a number of senior roles across multinational organisations such as Deloitte and was the finance lead on an aerospace programme and managing the financial performance of a financial transformation programme.

Management accountant Tercia Grindlay, another long-serving member of the team, has been promoted to finance manager.

She will now be responsible for the day-to-day accounting and finance activities. She has been at the firm for more than 11 years and will report to Lancaster in her new role.

Eddie McGuire said: “Both Steve’s and Tercia’s promotions are well deserved and will help @sipp continue with our ambitious growth plans. As well as these promotions we also have plans to expand our business development management footprint in the near future."

In January the entire share capital of @sipp Limited was acquired for an undisclosed sum by @sipp Group Holdings Limited, a holding company which was set up by the firm’s existing management team. The management buyout was led by Mr McGuire and Mr Lancaster.

The company was established in Glasgow in 2001 and remains independent of any investment platform, fund manager or private equity business. 

As of March this year, @sipp provided administration and trustee services for more than 4,600 self-invested pension members, holding around £2bn assets under administration, including 1,300 commercial properties.