Sipp provider Suffolk Life is set to acquire around 1,700 Sipps from Pointon York after the firm's decision to close its PY Sipp scheme.
The new Sipps will be added to Suffolk Life's existing book of around 16,000 Sipp plans.
Suffolk Life, a sponsor of the Institute of Financial Planning, will make the acquisition using its own retained profits. It said it would remain strongly capitalised ahead of the Financial Services Authority's changes on capital requirements for Sipp providers.
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David Hobbs, managing director of Suffolk Life, said: "Suffolk Life has been committed to the self-invested pension market for over 40 years and we have made no secret of our intention to grow our business both organically and via the right acquisitions.
"The Pointon York book of business fits well into the bespoke end of our proposition."
Greg Kingston, head of marketing for Suffolk Life, said: "This move provides further evidence that consolidation is here as different operators are making decisions about the future strategy of their business.
"Consolidation is positive for the Sipp markets, injecting capital and enabling investment and focus in new directions."
Suffolk Life is part of the Legal and General group and has assets under administration of over £5bn.

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