Standard Life UK life and pensions net flows down 15%

UK life and pensions sales of £9.8bn were 5% lower over the period, driven by a 6% decrease in pension sales compared to a strong 2007. During the traditionally weaker Q3, life and pensions sales fell 14% to £2.6bn. Standard Life’s SIPP business continued to perform strongly with individual SIPP funds under administration rising by 13% to £8.7bn. However, the impact of net inflows of £1.9bn (2007: £2.7bn) was partly offset by a market-driven reduction in underlying asset values, the group says. During the period, SIPP customer numbers increased by 30% to 61,000 with average case sizes a...