Partnership has seen a 70 per cent drop in sales in the wake of the Budget bombshell on pensions freedoms.
In its Q3 interim management statement, published today, total new business was £89m in the three months to September, compared to £300m in the same period last year.
Individual annuity sales plunged from £260m to just £68m over the same period.
Defined benefit bulk annuity sales have fallen to zero after growing as high as £49m in the three months to December last year.
Partnership annuity sales have been falling steadily since the Budget in March when the Treasury said anyone over 55 could have full access to their pension and not default into an annuity.
Partnership chief executive Steve Groves says he expect “continuing disruption” as customers are deferring annuity purchase decisions.
He says: “Our focus on diversifying our business model and positioning it for the new retirement market is undiminished; our pipeline of defined benefit transactions continues to grow but remains lumpy as Q3 has demonstrated, sales of care and protection products are unaffected, and, although the timing of any international expansion remains uncertain, our discussions with potential partners to deploy Partnership’s unique intellectual property in the United States are progressing well.
”I expect market disruption and uncertainty to prevail in the short term, but I remain confident that by leveraging our core competences, we will achieve our long term goal of delivering a diversified, growth business over time.”