Pensions sales prove key to Scottish Friendly

SCOTTISH Friendly yesterday hailed “impressive growth” in its core life and pensions sales and said momentum had continued into the new year.

The Glasgow-based mutual financial services group sold £8.5 million of such products in 2012, up 35 per cent on the previous year, while assets under management rose by £27m to £924m. In the first three months of 2013, sales were up 106 per cent, year-on-year.

It said: “Despite a depressed market for savings and investments, Scottish Friendly achieved impressive growth in core life and pensions sales plus an increase in assets under management.”

It added that total sales fell following the sale of its “wrap platform” administration business.