Life offices say they are unconcerned by the ABI's third quarter figures which revealed a 21 per cent drop in pension sales.
Life offices say sales dropped in the second quarter because of the Far East crisis but picked up from September when consumer fears of recession eased.
They also say that a change in data collection has been responsible for the low figure.
Standard Life general manager John Hylands says: "We will be publishing our third quarter figures soon and without giving too much away they will show pension sales have been largely unaffected."
Scottish Amicable director of pension development John Glendinning says: "It doesn't feel like we are experiencing a big drop in business. Pension drawdown and executive pension business has actually been growing."