View more on these topics

Individual pension sales up but IFAs lose market share

Individual pension sales leapt by 22 per cent during the first quarter of this year compared with the same period in 2001 but IFAs&#39 market share has tumbled, according to the ABI.

Individual pension sales rose to £885m from £722m on an equivalent premium income basis but IFAs&#39 share of the market fell to to 76 per cent from 80 per cent, with an increase in direct sales.

Group business premiums, including pensions and protection policies such as critical-illness cover and keyperson insurance, jumped by 13 per cent to £454m in the first quarter compared with £403m last year. Again, IFAs&#39 share of the market was down to 71 per cent from 85 per cent.

The only area where IFA share was up was annuities and drawdown, which the ABI says could be attributed to Equitable Life&#39s closure to new business at the end of last year. The ABI says a 38 per cent increase in new defined-contribution sch-emes is down to stakeholder.

Director general Mary Francis says: “The continued increase in the sale of pensions is encouraging, particularly as we are also seeing a significant year-on-year increase in the total value of contributions made. This increase, however, needs to be seen in the context of Britain&#39s widening savings gap.”

Holden Meehan director Amanda Davidson says: “We have seen many final-salary schemes close, which would account for the increase in group premiums. It is encouraging that individuals are putting money into pensions although some of this will be spouses and children of the wealthy.”

Recommended

Reyker targets Invesco Peps

Reyker Securities is offering initial and trail commission to IFAs looking to switch Pep clients from Invesco Perpetual. The move follows Invesco Perpetual&#39s decision to axe Pep accounts with direct shareholdings. Investors have the choice of selling their shares and switching into an Invesco fund, continuing to hold them outside a Pep wrapper or transferring […]

Mortgages plc appointed to Mortgageforce panel

Broker franchise Mortgageforce has appointed non-conforming lender Mortgages plc as an approved product provider. This gives its franchisees access to all of Mortgages plc&#39s product range including right to buy and buy to let. Mortgages plc sales and marketing director Peter Beaumont says: “We are delighted to be forging a partnership with Mortgageforce which has […]

B&W combines income & growth

Bristol & West is aiming to provide investors with a mixture of income and growth with it&#39s latest combination product, issue 16 of the balanced guaranteed equity bond.The bond has a six-year term and investors are guaranteed the return of their original capital whatever happens to the indices. It combines a high interest account with […]

A consuming opportunity

I was surprised and delighted to see the major initiative launched by the Consumers&#39 Association which actually might take the advice market forward. Oh dear, I am aware that many of you will now have stopped reading. I have used the dreaded CA words. The CA&#39s Advice for Life campaign makes the usual overtures towards […]

India GDP surprise

By Kunal Desai, head of Indian Equities, Neptune Kunal Desai, manager of the Neptune India Fund, comments on the strength of India’s latest GDP figures. Click here for more Important Information Investment risks The Neptune India Fund may have a high volatility rating and past performance is not a guide to future performance. The value […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com