LONDON: Standard Life platform saw a 26% rise in its assets to £20.9 billion, up from £16.6 billion in 2013. It also increased the number of advice firms on the platform by 8% to 1,340 in 2014, up from 1,236 in 2013. Of these firms 259 had assets greater than £20 million, up from 228 in 2013.
Net inflows onto the platform rose by 4% to £2.9 billion in 2014, up from £2.8 billion in 2013.During the year Standard Life added 360,000 new customers through auto-enrolment, pushing the total number of auto-enrolment clients to 560,000 since the policy began at the end of 2012.
The new customers helped drive corporate pension assets under administration to £32 billion, up from £29.2 billion in 2013. Inflows increased from £2 billion to £2.2 billion in 2014 over the year, boosted by a 16% increase in regular premiums through auto-enrolment.
However, Standard Life predicted it would take a £10 million – £15 million hit on its annuity business in 2015 as the pension freedom reforms made them less attractive to pensioners.In 2014 the margin for its new annuity business was 66% lower than in 2013.
