- Two surveys reveal that relationships between brands and consumers in the UK insurance market have deteriorated to the point of estrangement, with providers assuming claims are twice as inflated as customers actually admit
- CII agrees to sell Aldermanbury HQ to City of London Corporation-move to EC3 district planned within 12 months
- Barnett Waddingham investigation highlights significant inconsistency in the investment performance of UK with profit funds
- FCA launches its new asset management authorisation hub
- Insurance Europe supports recommendation to delay application of Insurance Distribution Directive(IDD)
- Upcoming implementation of GDPR elevates cyber risk to top of corporate agenda according to Marsh global survey
- Beazley and Munich Re, through Vector partnership, report strong demand for cover to guard against cyber-attacks threatening global companies expired
- Chubb survey "bridging the Cyber-Risk Gap" highlights different views of risk managers and IT professionals expired
- Markel International unveils fintech policy offering comprehensive protection for businesses in the financial technology sector in Asia following UK success expired
- Symbility to partner with NSR Management in the UK expired
- Apollo to acquire majority stake in Catalina expired
- New senior hires at The Standard Syndicate expired
18th June 2017
New UK pension investments up by over a third in first quarter says Equifax Touchstone
Analysis from Equifax Touchstone shows that new UK pension investments(excluding transfers) jumped by over a third (36.8%) during Q1 2017, rising to £6.8bn from £5bn in Q4 2016. New inflows for the quarter were more than twice as high year on year, increasing by 55.4% on Q1 2016.
According to the data, which covers more than 90% of the UK’s leading life and pensions companies, total pension investments including transfers for Q1 2017 reached £12.4bn, up by 30.3% on the previous quarter.
The quarterly figures highlighted ongoing investor desire to switch to products that better suit their retirement needs, as transfers across all products rose by 23.3% to £5.6bn.
Q1 2017 SIPP inflows stood at £3bn, an increase of 16.6% on Q4 2016. Total SIPP sales for the quarter were up 25%.
John Driscoll, director at Equifax Touchstone, comments “It’s encouraging to see such a positive start to 2017, well up on levels seen in 2016. Growth in pension inflows has proved resilient to political uncertainty and it will be interesting to see if concerns about whether stock markets are due a correction will start to impact inflows for the rest of the year.
“Advisers are receiving increasing requests from clients to opt out of their final salary scheme. As investors continue to weigh up the benefits of a guaranteed final salary pension, versus flexible access to their retirement savings, it’s likely this behaviour will follow through into the next quarter. Pension transfer volumes will continue the upward trend as ‘insistent clients’ give greater weight to flexibility in their financial planning.”
Equifax Touchstone utilises intermediary and customer profiling tools to enable financial services providers obtain a detailed understanding of their marketplace and client base.
Equifax Trends(18 articles)