The provider has already been giving employees an extra £150 per month since the beginning of July to help them deal with soaring bills. 

The firm joins a growing trend for financial firms to give staff a pay boost to help them meet the challenges of soaring prices, some opting for pay rises and some for one-off payments. 

Retirement specialist Just Group announced this week that it would give all staff earning under £50,000 a year a one-off payment of £1,200.

@SIPP says because of the continuing uncertainty in household finances and energy bills it will increase its staff support package to £350 per month from October. 

About 40 staff will benefit.

The firm’s managing director, Eddie McGuire, has talked to staff to find out more about their financial pressures and following the discussions decided to increase support.

He said: “These are quite extraordinary times. People are experiencing a huge hit to their monthly outgoings and it’s causing genuine uncertainty, stress and worry. We know we need to take immediate action. We’re not a huge business but we want to do our best to support our staff. 

“The reality is we don’t how long these inflationary pressures and cost of living increases will last. If we think they are permanent, we will bake these special payments into our cost base.”