Ascentric platform sales down by 16%

Ascentric platform sales down by 16%

Royal London-owned platform Ascentric has reported a fall in sales of 16 per cent, but the group saw a boost in its life and pensions arms.

Results published today (4 November) reveal assets under administration on the platform increased by 17 per cent to £11.8bn against a figure of £10.1bn at 31 December 2015.

But sales were down from £1.9bn on 30 September 2015 to £1.6bn on 30 September 2016.

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Aside from the platform, total new life and pensions business for Royal London was up 28 per cent to £6bn against last year's figure at 30 September 2015 of £4.7bn.

Group pensions business was up by 50 per cent to £2.8bn against last year's figure of £1.91bn, which according to Royal London, was largely due to its approach establishing new auto-enrolment schemes.

Individual pensions and drawdown was up by 11 per cent to £2.6bn against a figure of £2.4bn last year.

Intermediary protection was up by 22 per cent to £440m from last year's £362m.

Elsewhere, funds managed by the group have reached £101bn at 30 September 2016, up 20 per cent  against a figure of £84.5bn at 31 December 2015.

Royal London Asset Management saw inflows of £4.8bn against a figure of £2.5bn in 30 September 2015.

Phil Loney, group chief executive of Royal London, said: “Royal London remains focused on its strategy of continually improving product and service excellence in key markets.  

"The additional value for money offered to customers through this strategy is reflected in our continued new business growth and strong support from impartial financial advisers.

"Increasingly individual pensions and drawdown should be regarded as a single sector because, following introduction of pension freedoms, the line between pension accumulation and the drawdown phase has blurred.  

"Advisers are recommending a range of retirement income strategies for their clients and this has consistently generated rising levels of new business for Royal London."