Pensions Making Big Business

17 August 2011 - Which Way to Pay

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Pensions Making Big Business

New business sales in Ireland by Standard Life were up by more than 60% in the first half of the year. The introduction of PRSA (Personal Retirement Savings Account) products and an influx of cash into pension pots resulted in a bumper six months for the firm.

The industry-benchmark Annual Premium Equivalent (APE) strongly reflects the trend that pension sales are on the rise. Indeed there is an industry-wide 3% rise in pension sales for the first half of the year. The largest component to the rapid growth was the sale of single premium pensions, or one-off contributions to pension funds. Standard Life’s success in selling these to pension products has resulted in the rapid growth figures reported today and a company profit of €20.5m.

Standard Life’s marketing chief, Brendan Barr attributed the surge to the launch of the company’s first PRSA products. PRSA accounts were first introduced to the Irish market in 2003 and have proved to be a hit with consumers. The evolution of the products offered by these necessary saving accounts has further wetted the appetite of those needing to invest in their retirement funds. Barr also claims that the higher flow of cash into Approved Retirement Funds (ARFs) has assisted in creating good sales opportunities for Standard Life.

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