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The UK Post-Retirement Pensions Market 2019

The UK Post-Retirement Pensions Market 2019

  • November 2019
  • 50 pages
  • ID: 5828536
  • Format: PDF
  • By GlobalData

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The UK Post-Retirement Pensions Market 2019

Summary
This report looks into the UK at- and post-retirement pensions market, exploring how it has been affected by an aging population and recent changes to the laws governing pensions.It also looks at consumers’ attitudes and behaviors regarding advice and transfers from defined benefit to defined contribution pensions, among other topics.

The report leverages findings from our 2019 UK Life & Pensions Survey.

With an aging population, the number of individuals in retirement continues to grow year on year.However, the market faces many challenges, including a low-paying state pension and, for many, inadequate pension pots.

Pension saving is improving thanks to auto-enrollment, although the benefits of this will largely be felt by younger generations. The pension freedoms have also brought significant changes to the way individuals access pensions.

Full withdrawals are now commonplace - especially for low-value pots - while income drawdown is the preferred option for higher-value pension plans.This is all set against a context of relatively limited uptake of financial advice, in part due to the costs involved.

Robo-advice may be one solution to provide low-cost advice, while government initiatives may also succeed in boosting consumer engagement and confidence in retirement saving.

Scope
- Auto-enrollment is boosting workplace pensions, with 2018 annual premium equivalent growing by 22% on 2017. Two thirds of individuals in their 20s have started a pension through auto-enrollment, compared to 30% of those in their 50s.
- 61.1% of retired individuals state their lifestyle is as expected in retirement, while 18.2% state it is better than expected. The majority of these will have retired before the pension freedoms were introduced.
- Financial advisors state that retirement is the number one prompt to seek financial advice, but uptake is varied. For example, 62% of full pensions withdrawals are made with no advice or guidance.

Reasons to buy
- Understand the impact of recent legislation on consumer behaviors in the at- and post-retirement market.
- Explore how consumers are funding their retirement.
- Discover how technology and robo-advice can be used to encourage individuals to save for retirement.
- Learn about consumers’ attitudes towards defined benefit pension transfers.

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