Royal London drawdown sales increased by 67% to £966 million in the third quarter of 2015 following the introduction of the pension freedoms.
Overall the mutual saw new life and pension business increase by 35% to £4.8 billion, which it put down to the retirement reforms and auto-enrolment.
Group pension sales were up 11% at £1.9 billion while individual pensions increased 52% to £1.4 billion.
The group’s wrap Ascentric saw gross sales rise to £1.9 billion for the three months to 30 September, up 19% on the £1.6 billion it recorded in the equivalent period last year.
The company said its platform business had also been boosted by a tie-up with specialist annuity provider Partnership, which will white-label the wrap for its enhanced retirement account drawdown offering…Read more at New Model Adviser