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L&G boosted by big name tie-ups for auto-enrolment

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L&G boosted by big name tie-ups for auto-enrolment

Legal & General (L&G) has signed up a string of high profile employers including Sainsbury’s, Boots, and Marks & Spencer, for its auto-enrolment proposition, and is aiming to have auto-enrolled 500,000 employees by the end of 2013.

L&G’s strong auto-enrolment performance, it also struck deals with Barclays and Asda, helped boost the life company’s net pension inflows to £429 million in the third quarter of 2012.

The provider also enjoyed strong annuity sales, with individual annuity sales up 10% to £350, compared to £319 million in quarter three last year.

Bulk annuity sales were also up, with L&G completing 27 schemes worth £408 million, compared to 18 worth £31 million in the equivalent period last year.

Total annuity assets rose to £31 billion, up from £28.4 billion at the end of 2011.

L&G said it planned to unveil its retail distribution review (RDR) proposition on 19 November.

Aegon unveiled its post RDR product range and adviser charging plans earlier this week, leaving L&G as the last major provider to reveal its plans.

The life company highlighted its tie ups with five of the seven largest building societies in the UK and success in the auto-enrolment market as causes for optimism.

It said: 'Ahead of the RDR, we have secured access to customers for savings and protection products through distribution agreements with five of the top seven building societies in UK. L&G is also the leading auto enrolment pension provider for employers who have 2012 staging dates and are using an external scheme.'

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