Standard Life sales of Sipps soared by 82 per cent in the first half of the year, boosting UK life and pension sales by 45 per cent.
Standard’s interim new results report shows individual Sipp sales up by 82 per cent to £2.55bn compared with £1.41bn in the same period last year.
Total UK life and pension sales rose to £6.95bn from £4.8bn while Standard Life Investments’ net inflows in the UK rose by 54 per cent to £4.3bn from £2.8bn.
Standard says 149 IFA firms are now using its wrap compared with 88 firms at the start of the year. The wrap has 4,300 individual customers with an average fund size of £140,000. Funds under administration on the platform have increased to £0.6bn from £0.2bn since last December.
Group pension sales rose by 49 per cent to £1.48bn from £995m, which Standard says is largely due to increasing volumes of group Sipps which account for 31 per cent of group pension sales, equating to £461m.
Sales generated through channels other than tradit-ional IFAs represent 40 per cent of new business compared with 26 per cent last year.
Group chief executive Sandy Crombie says: “Sales have benefited from the increase in contribution limits introduced at A-Day and the implementation of new Sipp regulations.”