Pensions show strong uptake, study shows

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Financial Services > Pensions > News

Pensions show strong uptake, study shows

Thu, 31 Aug 2006

The number of new pension plans taken out in the second quarter of 2006 has hit record levels, according to new research.

Strong growth in the individual pensions market has driven the rise in uptake, the Association of British Insurers' research suggests.

In the second quarter of 2006, new business for pensions reached £3.9 billion APE, with individual pensions accounting for £1.4 billion, a rise of 36 per cent on the first quarter.

Chris Kenny, the Association of British Insurers' director of life and pensions, remarked: "It's encouraging to see continued growth in the life and pensions sector.

"We are beginning to see more clearly the positive effects that tax simplification has had since A-Day.

"The new rules have had a particularly beneficial effect on annuities, as people can now buy capital protected and short-term policies, which give greater choice and peace of mind."

In addition to alterations on annuities, recent pension reforms have meant that the retirement age will rise to 68 in the future, sparking many UK residents to find personal pension plans to secure their finances upon reaching retirement.

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