New pension regulations weigh on Standard Life
Thursday 01 November 2012
Standard Life saw sales fall by 7 per cent during the first nine months of 2012 as a regulatory shake-up deterred companies from switching pension providers.
The Edinburgh-based company's business sales fell to £14.4bn. These were hit by a 32 per cent fall in revenues in corporate pension sales with companies opting to digest auto-enrolment, which is designed to increase the number of workers receiving pensions across the UK.
Analysts say the company will eventually benefit from the reforms. David Nish, the chief executive, said Standard Life was also well positioned to take advantage of the changes banning commission payments to financial advisers from next year.
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