Lifetime Assurance has reported a 50 per cent rise in pensions sales for 2000, but a high number of people still put off doing anything about providing for their retirement.
Research carried out by Landsdowne Market Research on Lifetime’s behalf last September showed that 40 per cent of consumers, who believe that private pension provision is important have yet to do anything about it.
Part of the Bank of Ireland Group, Lifetime also announced a 30 per cent increase in new business to £105 million Annual Premium Equivalent (APR, up from £81 million for the year ended December 31st, 2000.
Sales of lump sum investment bonds were strong at £251 million, up 51 per cent on the same period last year. Regular premium business was up 16 per cent on 1999 at $63 million and protection sales increased by 19 per cent from 1999 at £9.7 million.
Sales Director Mr Ronnie Flynn said the new business sales growth figures showed that sales have doubled over the past two years. He also pointed out that while there have been successes in both the self-employed and company director pension markets, many people were still not making any private provision for their retirement.
"In doing so they are not only putting their post retirement lifestyle at risk, they are also missing out on the generous tax relief available," he said.
He said there had been successes in both the self-employed and company director pension markets which was reflected in the growth of the single premium pensions business.