Total assets invested in Standard Life's drawdown propositions rose by 11 per cent to £18.2bn up from £16.4bn FY 2016, as more customers look to cash in on inflated DB transfer values.

In its latest half year financial results, Standard Life said growth in the pensions market has benefited its retail adviser platforms by 11 per cent with total inflows rising to £49.2bn.

Total UK and savings operating profit rose to £154m up from £151m in H1 2016.

Standard Life's CEO pensions and savings Barry O'Dwyer said: “Our leading position in the UK pensions and savings market is a key contributor to Standard Life’s strong performance today. We have much to be proud of; our award-winning platforms have seen record inflows, we’ve enrolled 100,000 new workplace customers and our advice business continues to grow.

“Changes in the long-term savings market through auto-enrolment and pensions freedoms mean it’s never been more important for people to plan and save for their future – and we help people do that. As Standard Life moves into the next stage of our evolution towards becoming a world-class investment business, our pensions and savings business is a valuable differentiator.”

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