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Confidence boost as business rises

Overall life and pension business showed a 5 per cent rise in the third quarter to 2.5bn from 2.4bn in the same quarter last year.

Figures from the ABI show that regular-premium pension sales were unchanged for the quarter, standing at 451m.

The ABI says the figures point to a continued improvement in consumer confidence.

Individual single-premium pension business fell by 4.6 per cent from 2.99bn in Q3 of 2003 to 2.89bn this year.

Sales of regular-premium collective investment scheme products rose by 64 per cent from 80m to 132m.

Regular-premium group business rose by 10.7 per cent from 275m to 309m. Individual single-premium group business was down by 6.9 per cent from 1.24bn to 1.08bn.

Collective investment schemes, including Peps, unit trusts, Oeics and Isas, saw a rise of 55 per cent with new individual regular premiums standing at 132m last quarter up from 80m.

ABI director of life and pensions Chris Kenny says: “We have seen a continued gradual improvement in confidence and market sentiment in the third quarter of 2004. There has been a welcome improvement in single-premium business but the figures confirm an underlying need for concerted action to encourage regular saving. The ABI is continuing to put forward ideas to the Government and the Pensions Commission that will encourage people to save.”

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