Pension sales down in autumn

Life insurers’ regular premium occupational pension sales fell 10.9 per cent in the third quarter of 2008, compared to the same period last year, according to figures from the ABI. Q3 of 2008 saw new business premiums of £179m across insurers’
defined benefit and defined contribution offerings, including
group AVCs and EPPs. Regular premiums in the group protection
market contracted by 8.3 per cent over the period, to £66m. Offshore business fell 24.2 per cent, individual pensions fell 4.1 per cent and investment and savings products fell 14.2 per cent over the same period. Single premium business rose however, with occupational business, which includes bulk buyouts, up 47.1 per cent to £3.5bn.