Strong employer-based pension sales have sent Scottish Life business
surging by 30 per cent in the first six months of this year.
Pension sales rose from £43.6m to £56.7m in equivalent premium
income and new company-based business, including group personal pensions
and stakeholder, grew by 40 per cent from £24.2m to £34.1m.
Total new business was up by 22 per cent from £48.4m to £59.1m.
Company pension business increased by 17 per cent from £14.3m to
£16.8m. Group personal pensions rocketed by 70 per cent from
£10.1m to £17.2m. Individual pensions were up by 18 per cent
from £19.2m to £22.7m.
ScotLife has transferred its business to Royal London after it was bought
in a £1.1bn deal last year. It is now the IFA marketing division of
It is looking to broaden its product range away from pensions and is
understood to be setting up a new protection business in Edinburgh to rival
Scottish Provident and Scottish Equitable.
General manager (sales) Jim Gilchrist says: “We are very pleased with
these figures, particularly as we know most companies which have
demutualised recently have had a sticky time in maintaining new business
levels. We are especially satisfied that our principal focus on the company
pension sector has paid off so handsomely.”