Pension flows on platforms in the first quarter were four times stronger than ISA sales, as the latter fell to the lowest level since 2012, according to the latest Fundscape Platform Report.
The figures show new flows into pensions on platforms rose to £5.6bn in Q1, bringing total assets under administration to £115.5bn, while ISA net flows were just £1.3bn in the first three months of the year. The report revealed gross ISA sales were down by 15% and net sales down 40% compared to the same quarter in 2015, while pension business maintained momentum with net flows up on the previous quarter, as well as Q1 2015. "2015 was Anno Pensionis (the year of the pension) and since then there has been a marked rise in pension flows," said Bella Caridade-Ferreira, CEO of Fundscape an...
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