17th Oct 2024 10:56
(Alliance News) - AJ Bell PLC on Thursday said it saw a "noticeable change" in contributions to pensions and tax-free cash withdrawals ahead of the UK government budget.
The Manchester, England-based retail investment platform operator said customers numbers jumped 14% to 542,000 in the financial year ended September 30 compared to a year ago.
Gross inflows rose 41% to GBP13.1 billion from GBP9.3 billion, while net inflows increased 45% to GBP6.1 billion from GBP4.2 billion.
Notably, assets under management jumped 45% to GBP6.8 billion from GBP4.7 billion.
Chief Executive Officer Michael Summersgill said: "We continue to advance discussions around the creation of a supportive legislative environment for long-term investing through simplification of the individual savings account system and long-term pension tax stability. Pensions are the primary retirement savings vehicle in the UK and customers are unsurprisingly sensitive to changes in their tax treatment. Amidst increased press coverage ahead of the upcoming budget, we have seen a noticeable change in both customer contributions to pensions and tax-free cash withdrawals.
The UK budget is due to be announced by Chancellor Rachel Reeves on October 30.
The company aims to release its full-year results on December 5.
AJ Bell shares fell 0.8% to 477.00 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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