LONDON, Oct 30 (Reuters) - Standard Life PLC posted a one fifth increase in sales of long term savings products during the first three quarters of 2013 as it flagged an expected boost from the introduction of automatic enrolment of UK employees to company pension schemes.
In a trading statement on Wednesday, the Edinburgh-based group said it has a “strong” pipeline of of secured new corporate business.
“Further benefits are expected from auto enrolment for new and existing corporate pension clients during 2014,” the company said.
Long new business for long term savings was 17.3 billion pounds during the nine months to September 30, Standard Life said, up from 14.4 billion pounds a year earlier,
Its fund management arm Standard Life Investments posted net inflows of new client money of 8.3 billion pounds over the period, of which 1.2 billion pounds was attributed to the third quarter of the year.
The division, which is seeking to expand its international reach, also saw sales outside the UK nearly double.