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ScotLife pension success

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

Royal London.

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.”

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