Pension reforms help Royal London to notch up record sales and profits

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Royal London might want to send a thank-you note to George Osborne today, after the insurer revealed a record-breaking year off the back of the Chancellor’s pension freedom.

The rule change, which allows people to take the cash out of their pension pot and do what they like with it, was announced in the 2014 Budget and came into force last April.

Royal London today revealed its impact as it reported a 40% rise in new business at its life and pension division to £6.78 billion in the year to December.

Operating profit before tax and exceptional items was 11% higher at £244 million.

Phil Loney, boss of the cricket one-day internationals sponsor, said sales of group pensions and income drawdown products was “going from strength to strength”, while the fourth quarter “saw pension sales reach new highs”.

Meanwhile, research has shown that nearly one in five people with pension savings plans have transferred from their defined benefit pension scheme to access flexible retirement options available through a defined contribution pot, according to a report by Willis Towers Watson.

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April 1, 2016 |
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