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IFAs maintain their grip on pensions

IFAs are holding on to their grip of pension market, acc-ounting for 85

per cent of new single-premium sales in the second quarter of this year.

Latest ABI figures also show IFA sales of regular-premium collective

investment schemes, which include Isas, unit trusts and Oeics, up to 18.4

per cent from 11.8 per cent. This is despite premiums going down to

£162m from £182m.

IFAs account for 89.8 per cent of group regular-premiums, including

pensions and income protection, up from 79.6 per cent last year. Sales of

these products jumped to £335m from £251m last year.

IFA group single-premium sales, however, fell to 48.8 per cent from 83.2

per cent but premiums were up to £2.5bn from £849m.

Total pension sales were up by 67 per cent on the same period last year to

£864m equivalent premium income from £586m last year. Sales of

stakeholder were at £69.4m, accounting for 8 per cent of total sales.

Annuity and drawdown sales were down to £1.9bn from £2.1bn last

year, with IFA sales accounting for 76.7 per cent up from 63.2 per cent

last year. Collective investment sales fell to £398m from £427m.

Life sales were down to £925m from £930m despite total life and

pension business rising to £3bn from £2.5bn last year.

Klonowski & Co proprietor Francis Klonowski says: “Even if you take into

account the impact of transfers from phased drawdown and drawdown

transfers, these figures reflect the confidence people have in independent

advice.”

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