UK - The Association of British Insurers (ABI) has reported an increase in both individual pension saving and employer-sponsored stakeholder pensions for the fourth quarter of 2005, but warned against industry complacency.
ABI figures showed new business Q4 was £3.1bn, up 16% from the same quarter in 2004, while 2005 overall saw new business total £11.6bn up 13% from the year before. ABI director of life and pensions Chris Kenny (pictured) said the figures showed continued steady growth in the long-term savings market, with particularly encouraging results in the single premium individual pensions category.
“But there is certainly no room for complacency, as illustrated by the fall in regular premium individual pensions,” he warned. The increase in regular and single premium employer-sponsored stakeholder pensions was significant in the context of the current debate about pension reform, said Kenny, and suggested that growth showed both individuals and employers were willing to contribute to pension schemes through the workplace. By Damian Clarkson
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