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UK Pensions Market 2017

UK Pensions Market 2017

  • June 2017
  • 52 pages
  • ID: 4487436
In this report:
There have been ##, ## new businesses start-ups since 2012, ##.##% (##,##) of which have employees and will additionally be required to comply with legislation by February 2018 according to the ONS.
The total UK pensions market grew by ##.##% from £##.##bn APE in 2013 to £##.##bn APE in 2016, according to the Association of British Insurers.

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UK Pensions Market 2017

Brief

Pre- and post-retirement markets have seen some big changes over the final few years. The state pension has been changed from a two-tier to a flat-rate model to relieve pressure on the government, as the UK population is aging and individuals are living longer. Auto-enrolment will continue to be a big driver of growth in work- and trust-based pensions, as will buyouts as employers look to de-risk. By February 2018, all businesses will have to provide a pension to eligible employees, and by April 2019 the global minimum contribution will be 8%. New pension freedoms have given customers more flexibility in how they take money from their pensions.

Critical success factors

- Technology and robo-advice: Technology must be used to help clients with smaller pension pots access advice. Services will either need to give a recommendation or help individuals decide for themselves. There are generally two areas where technology can help pensions: aiding individuals saving for retirement, or helping those approaching retirement distinguish their options in terms of accessing their money.

- Encourage pensions savings: The sector needs to continue to drive awareness of the need for individuals to save for retirement outside of the state pension. This is especially crucial to reduce opt-out rates as the minimum contribution increases.

Key pointers include in the analysis -

- The pensions market has grown by 10.70 percent to be worth £10.8bn annual premium equivalent in 2016, and is forecast to reach £17.5bn APE by 2021.

- Work-based and trust-based pensions hold the biggest proportion of the pensions market (45.40 percent and 40.50 percent respectively); however, individual pensions have seen the more important growth (52.00 percent) since 2013.

- 1.23 million UK businesses will be required to provide a workplace pension by 2018.

- Income drawdown is now more popular than purchasing an annuity; however, those with pots valued under £30,000 are also opting to make full cash withdrawals.

The market research "UK Pensions Market 2017" explores the pre- and post-retirement markets. It discusses new legislation including changes to the state pension, auto-enrolment, the Retail Distribution Review, and the additional pension freedoms. It explains the impacts of legislation with regards to market sizing, distribution, how people are saving their pensions, and how people are taking their pension pots at retirement. The size of the pensions market has been forecast to 2021. There is also a focus on how technology and robo-advice can encourage pension saving and understanding of pension options.

Firms mentioned in this business report: Wealth Wizards, HSBC, NatWest, Santander, Pension Bee, Willis Towers Watson, Aviva.

Overview

- This industry report explores the pre- and post-retirement markets.

- It discusses new legislation including changes to the state pension, auto-enrolment, the Retail Distribution Review, and the additional pension freedoms.

Great reasons to purchase

- Comprehend the impacts of new legislation on consumer behavior in the pre- and post-retirement markets.

- Discover how technology and robo-advice can be used to encourage individuals to save pensions and give advice at retirement, ultimately growing customer engagement.

- See how the UK pensions market is forecast to grow over the next five years.

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