Standard Life pensions boost sales

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Standard Life pensions boost sales

Standard Life has reported a five per cent growth in sales, which the financial services provider has partly attributed to the demand for Self-Invested Personal Pensions (Sipps).

A Standard Life pensions product, which allows policyholders control over their investment decisions, has boosted pensions and life sales to £648 million in the first nine months of 2005.

Overall £88 million worth of Sipps products were sold, compared to £24 million for the same period last year.

However, as a result of focusing on Standard Life pensions Sipps, sales of individual pensions were down to £101 million from £190 million last year.

The Edinburgh-based company has also recently announced that it has cut some 2,000 jobs ahead of next summer's float in a bid to boost profitability.