Royal London new life and pensions sales fall 1%

A poor performance from group pensions sales, down 14% on last year at £384m, contributed to the fall. Mike Yardley, group chief executive at Royal London, attributed the drop to the fact the group was unwilling to fight a commission battle with other providers for group pension business. He says: “As I highlighted when we reported our half year new business results, a feature of the group pensions market for some time has been the high initial commissions being paid by some product providers. “This has resulted in reported – but in reality, largely non-existent -- market growth. We h...