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High demand on back of new rules

Royal London benefits from pensions flexibility

Phil LoneyRoyal London, Britain’s biggest mutual life, pensions and investment company, said pension sales had taken off after retirees were give greater access to their savings pots.

Together with the expansion of the auto-enrolment programmes in the workplace, the company saw a 35% rise in the value of new business.

There was a 67% rise in demand for drawdown products, which give retirees the ability to draw from the savings under the new rules which came into effect in April.

Demand for protection products jumped 51%.

The company owns the former Scottish Life and Scottish Provident brands and its Scottish head office is based in St Andrew Square, Edinburgh.

Chief executive Phil Loney (pictured) said: “This is another strong set of results with all life and pensions businesses putting in excellent new business performance,”

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