View more on these topics

Standard Life savings flows surge 22% despite corporate pensions hit


Standard Life’s UK operation has reported a 22 per cent surge in net flows to long-term savings products during the first quarter of 2013, from £785m to £958m, despite its corporate pensions business suffering ahead of the RDR deadline.

The provider’s interim management statement, published this morning, shows the improvement was driven by a 42 per cent increase in net flows to mutual funds, from £282m in the first three months of 2012 to £401m this year.

Net flows into Standard Life’s institutional pensions business also rose 34 per cent, from £739m to £992m.

Individual Sipp net flows fell 30 per cent, from £367m to £256m, while flows into the provider’s UK wealth products dropped 17 per cent, from £185m to £154m.

Net flows into Standard Life’s corporate pensions business fell 29 per cent during the period, from £371m to £262m. The provider says this came as a result of competitors winning business on a commission basis prior to the RDR deadline.

Despite this Standard says its early experience of automatic enrolment has been “encouraging”, with lower opt-outs and higher contribution rates than the provider expected.

Total UK assets under administration at 31 March 2013 were £118.1bn, up 12 per cent from £105.9bn a year earlier.

Total assets under administration on the provider’s platform have increased 11 per cent since the end of 2012, from £14.6bn to £16.2bn.

The number of adviser firms using the platform rose 12 per cent, from 1,041 in Q1 2012 to 1168 in Q1 2013.

Standard Life UK chief executive Paul Matthews says: “We have made a strong start to the year in the UK. 

“While the industry continues to see disruption we have made a smooth transition to operating under RDR and we have seen encouraging signs from retail customers and their advisers as they adapt to the new regulatory environment. 

“Our UK business is very well positioned for the future and we will continue to work closely with IFAs and corporate advisers to help them maximise the exciting opportunities that RDR and auto-enrolment present.”



12,000 ex-Merchant Capital investors face Reyker charges

Around 12,000 former Merchant Capital investors face hundreds of thousands of pounds in total charges by the new plan manager Reyker Securities. Reyker, which took over as plan manager and custodian following the collapse of the structured products firm and its parent Merchant House Group, is writing to affected customers, who have invested a total of […]


FCA vows business interests will not be overlooked

FCA chief executive Martin Wheatley says it is a “fallacy” to suggest that the regulator has to choose between being a consumer champion and pro-business. Speaking at the Lansons Communications Future of Financial Services conference, Wheatley said the FCA will adopt a more consumer-focused agenda than the FSA, but said this approach will not mean […]

Scottish Friendly reveals 13% drop in sales

Scottish Friendly has reported a 13 per cent drop in total sales for last year, which fell from £15m in 2011 to £13m in 2012. The group’s funds under management saw positive growth, increasing 3 per cent from £897m to £924m last year. It attributes the growth to two new partnerships it acquired in 2012 […]

BoE extends Funding for Lending scheme by a year

The Bank of England has extended the Funding for Lending scheme by a year and the incentives offered have been “heavily skewed” towards lending to small and medium sized businesses. Banks and building societies will now be able to make drawdowns from the scheme, which was launched in August last year, until the end of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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