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Standard tops 2005 total in three quarters

Standard Life says strong sales of its Sipp and investment bonds has led to UK life and pension sales in the first nine months of this year exceeding the total volume of sales in 2005.

Life and pension business was up by 35 per cent from 684m last year to 921m in the first nine months of this year on an annual premium equivalent basis.

Sales of Sipps and drawdown in the first nine months of 2006 increased 109 per cent to 182m compared with 87m in 2005 and September 2006 was the strongest month for Sipp new business with APE sales of 27m.

Group pension sales totalled 337m for the first three-quarters of the year compared with 314m last year but pension lapses cont-inued to be above the industry average.

Annuity sales increased by 33 per cent to 32m compared with 24m in 2005 due to customers deferring retirement until after A-Day and Standard’s demutualisation.

Group chief executive Sandy Crombie says: “A-Day has had a positive impact on new business and I am confident that we will continue to be one of the net winners with our Sipp product.”

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