05 May Q115 platform highlights
How has the platform industry performed in the first quarter of the year? With the UK getting ready for pension freedom and the general election, financial services were under considerable strain. Because of reporting restrictions, our full report will not be published until mid May, but to tide you over until then, we have a few headline numbers to share with you:
- Platform assets under administration rose by £26.5bn (7.9%) to £370.8bn at end March 2015.
- Gross sales for the first quarter of the year were a solid £21.4bn; slightly down on Q414 (£22.1bn), but stronger than gross sales in the first quarter of 2014 (£19.9bn).
- However, net sales lacked lustre at £9.3bn, coming in below last quarter’s net sales of £12.1bn and the £9.8bn registered in Q114.
- All pension products combined posted gross sales of £8bn and net sales of £5bn.
- Platform Sipps registered their best sales on record with gross sales of £4.8bn and net sales of £3.6bn. For context, in the first quarter of 2014 these figures were £3.7bn and £2.7bn respectively.