Royal London’s new business results for 2014 show how well the company’s pension proposition is positioned to succeed in the pensions reforms, group chief executive Phil Loney has said.
He said “We have continued to move ahead in the individual and group pensions markets and have begun to see the results of some of the long-term investment that we have made in our intermediary protection business.”
Mr Loney revealed Royal London’s involvement in trying to ensure a good outcome from the reforms, saying “we are working with the Government’s Pension Wise team on different signposting techniques that we hope will be more effective at getting our non-advised customers to take advantage of the new pensions guidance service.”
His comments came as Royal London announced its results for 2014, in which its group and individual pension business reported strong upturns.
According to the results, new business highlights included group pensions up 83 per cent at £2,199m, individual pensions up 25 per cent at £1,388m, and drawdown up 73 per cent £781m. Asset management also achieved £2,005m of net new external business in 2014.
Patrick Connolly of Bath based Chase de Vere, said the results reflected the company’s recent reorganisation with a real focus on the pensions market, adding: “The results suggest that Royal London is servicing the pensions market very well, with a broadly-based proposition”.