Just Retirement’s individual annuity sales have more than halved in the third quarter of 2014 as a result of announcements made in the Budget.

According to the firm’s interim management statement for the period ending 30 September 2014, IUA sales fell by 59 per cent, from sales of £313.3m last year, down to £129.3m this year.

In total, business for the quarter was some 42 per cent lower than the first quarter 13/14, taking a fall from £442m down to £255.1m.

However, despite a plunge in sales, DB solutions took a significant jump up to £24.8m in 2014 from £3.2m in 2013. Fixed-term annuities remained steady at circa £20m over the same period.

The firm attributed the fall in IUA sales to the “continued market disruption” caused by reforms announced in the Budget.

"We believe these figures compare favourably with realistic expectations in the post-Budget world,” the firm’s CEO Rodney Cook said.

“Our DB team continues to win new schemes, which will help us should demand for IUAs weaken further in the run up to the pension reforms in April 2015,” Cook added.

“Consistent with our October statement we remain on track to meet our full year sales expectations, despite difficult market conditions, particularly for IUAs. This reflects our continuing success in the DB market, including the new deal announced today, ongoing core demand for IUA, and firm demand for lifetime mortgages."

Last month, the firm announced it had completed a buy-in deal for £75m, with an unnamed pension scheme.

The deal, the largest one so far for the provider, came as welcome news after it recently announced that it had to lose over 90 jobs due to a hit to sales following the Budget.

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