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(MoneyNewsWire.Net, October 04, 2018 ) "The UK Pre-Retirement Pensions Market 2018", report discusses recent legislation such as changes to the state pension and auto-enrolment, as well as market sizing, distribution, and how people are saving their pensions. The size of the pensions market has been forecast to 2022. The report explores the attitudes and behavior of consumers when it comes to saving and preparing for retirement. There is also a focus on how technology and robo-advice can encourage pension saving and understanding of pension options.
The pensions market is growing as awareness of the need for individuals to save and provide for themselves outside of the state pension is increasing. The pensions market remained steady at £10.56bn annual premium equivalent (APE) in 2017, but is forecast to reach £12.7bn APE by 2022. Individual pensions have grown as self-invested personal pensions (SIPPs) and personal pensions have risen in popularity due to transfers of defined benefit pensions. Meanwhile auto-enrolment will continue to be a big driver of growth for workplace pensions as minimum contributions increase.
Pension providers must seek to improve customer engagement with pension saving. Many individuals do not know how much their pension pots are worth, and the majority of those who do, say their pot is small (under £10,000). Financial advice on pensions also needs to be made more accessible and affordable for all. Technology is key to the development of affordable, easy-to-use, convenient tools that consumers can use to understand how much they have already saved, and how much more they need to be saving to achieve a desired income and quality of life in retirement.
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Scope
-42.3% of those starting a pension due to auto-enrolment said rises in pension contributions were "good news as saving for retirement is really important."
-Nearly a quarter of individuals (24.1%) do not know how much their pension is worth. Of those who did, over half stated their main pension pot was worth less than £10,000.
-Most desire a monthly retirement income of between £1,000 and £1,999.
Reasons to buy
-Understand the impacts of recent legislation on consumer behavior in the pre-retirement market.
-Discover how technology and robo-advice can be used to encourage individuals to save for retirement.
-See how the UK pensions market is forecast to grow over the next five years.
Table of Contents
EXECUTIVE SUMMARY 1
1.1. Pension providers must embrace technology to help consumers save 1
1.2. Key findings 1
1.3. Critical success factors 1
THE STATE PENSION 9
SAVING FOR RETIREMENT 14
THE COMPETITOR LANDSCAPE 37
4.1. Aviva tops the competitor market for pensions 37
4.1.1. Aviva ranks as the leading provider for individual and workplace pensions 37
4.1.2. NEST, the government pension scheme for auto-enrolment, has nearly 6.5 million members 38
4.1.3. Tighter regulation of master trusts is predicted to cause scheme closures and consolidation 38
4.1.4. The Lifetime ISA could be scrapped 38
THE FUTURE OF ADVICE AND SAVING 40
APPENDIX 48
List of Tables
Table 1: Individual premiums APE, by product type (£000s), 2013-17 15
Table 2: Trust-based premiums APE, by product type (£000s), 2014-17 17
Table 3: Number of UK businesses and employees (000s), by employee band size, 2017 19
Table 4: The gap in pension savings across genders by age, 2017 32
Table 5: Top 10 UK pension providers, by pension type, 2016 37
Table 6: Number of LISA accounts, by provider, March 2018 39
Table 7: New total premiums APE, by advice type (£000s), 2014-17 41
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