May 9 2007
Financial services provider Standard Life has revealed that its sales of self invested personal pensions (Sipps) during the first three months of this year were up a full 117 per cent in comparison with the first quarter of 2006.
With the total Sipp funds under management by Standard Life now amounting to £5.3 billion, the company is convinced that its quick response to the growth in the market has left it in a good position to make the most of increased demand.
A statement from the company read: "Customers have been taking advantage of the more generous annual contribution limits post A-day and increasing their utilisation of the Sipp functionality and investment flexibility with 35% of assets now invested in non-insured funds."
Standard Life also points to its "superior offering" relative to its competitors as a reason why it sold around £1,233 million Sipp packages during the first three months of this year.
Founded in 1825, Standard Life became a mutual assurance company in 1925 and now has offices in Europe, North America and Asia.
