Standard Life has reported modest growth in its UK business for 2014, with profits before costs up nearly 6% during the year, driven by demand for the life company's auto-enrolment workplace pensions.
UK operating profit rose to £350m for the year compared to £330m in 2013, as Standard Life benefited from assets under administration 7% higher at £128bn, boosted by its corporate pensions business. Auto enrolment - the government's initiative to get everyone saving towards a pension - drove a 16% increase in regular pensions contributions to increase UK corporate net inflows by 10% to £2.2bn last year, up from £2bn the year before. However other legislative changes around pensions have been more mixed for Standard Life, and businesses like it which sell annuities. Following change...
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