Hornbuckle Mitchell saw SIPP and SSAS business grow by 24% during 2008, with a surge in interest since the beginning of the financial crisis.
Dissatisfaction with traditional personal pensions and growing interest from advisers helped the group to grow turnover by 17% last year, the firm says.
Business turnover rose to £10.33m, with income from SIPP, FIPP and SSAS up 38% during the year.
Hornbuckle's total scheme members rose to 11,900, up 28%, which helped new business grow by 24%.
"These strong numbers underline the fact that interest in self-directed pensions is showing no signs of abating," says managing director, Dave White.
White expects business and fund inflows to increase rapidly this year as taxes are raised to pay for economic stimulus plans.
"The planned introduction of a 45% tax rate on those earning over £150,000 could bring in a new influx of money," he explains.
White also expects more investors to look for ways to take control of their pension fund as traditional offerings see falling returns and capital values during the recession.
As a result, the firm says it will continue to invest in its administrative services, with new IT systems and will be launching an eSIPP services later in 2009 to allow advisers and their clients to manage their SIPP online.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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