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Standard sees 46% slump in individual pension business

Standard Life saw individual pension business almost halve in the first nine months of the year, casting a shadow over the success of its Sipp launch.

Although overall UK business rose by 5 per cent, the 46 per cent fall in individual pension business to 547m from 1.01bn last year follows Standard’s well-publicised drive to focus on more profitable business lines ahead of its planned flotation next summer.

Quarter on quarter, the drop is even more stark, with individual pension sales in Q3 falling by 64 per cent to 147m compared with 408m in Q3 last year.

Sipp and drawdown business was up by 222 per cent in the first nine months of 2005 to 780m from 242m last year and investment business rose by 74 per cent from 871m to 1.5bn.

Total UK life and pension business was up by 5 per cent to 648m from 616m last year on an APE basis.

Group chief executive Sandy Crombie says: “2005 is a pivotal year for Standard Life and the repositioning of our business continues. Although we expect many of our chosen markets such as group and individual pensions to remain competitive, the results from this third quarter demonstrate our continued progress in establishing a sound base from which to grow the business.”

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