Montpelier Pension Administration Services (MPAS) is planning to sell its SIPP business.
MPAS, the SIPP administration services arm of Montpelier Wealth Management, has around 1,200 SIPPs on its books.
In March, MPAS announced it would take on no new SIPP business as the directors considered the direction of the company.
However, MPAS accounts to 31 December 2010 reveal "the directors are seeking to sell or transfer the existing SIPP business".
The independent auditors' report says: "There is inherent uncertainty surrounding the costs and timescale of any sale or transfer due to the nature and complexity of some of the investments held within the SIPPs.
"These conditions raise inherent uncertainty about the company's ability to continue as a going concern."
The accounts show MPAS made a profit of £69,703 in 2010, but this was dwarfed by its 2009 loss of £102,521.
At PortfolioMetrix since April
'Humanises our offerings'
After facing adviser backlash
On 24 & 26 September