The ABI's annual summary of new life and pensions business indicates a pick up in Annual Premium Equivalent (APE) figures and a prodigious increase in individual single premium business.
TheABI says APE increased 5.4% last year to £10.2bn, while individual single premium new business rose 9.5% to £48.7bn. Regular premium employer-sponsored stakeholder pensions added 6.2% in 2004, to £388m of new premiums, while new regular premium stakeholder business increased 4.2% or £867m. Chris Kenny, ABI head of life and pensions, says: “We anticipate that forthcoming changes to the Financial Services and Markets Act, which we have encouraged the Government to make, will further encourage saving by enabling employers to give guidance to their employees on the benefits of joining w...
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