Personal And Stakeholder Pensions - UK - March 2014-Market Growth Trends and Forecast

New Market Research Report Added in MarketResearchReports.Biz Reports Database:  Personal And Stakeholder Pensions - UK - March 2014

Although at first glance the government’s pension auto-enrolment scheme can be seen as a threat to the personal pensions market, rising interest in pensions and retirement savings, particularly among younger savers, is an encouraging sign. Appealing to the younger generation will have to involve fresh and innovative ways of educating and engaging with them through a range of channels.

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Table of Content

Introduction

Abbreviations

Executive Summary

The market
Little prospect for growth over the next five years
Figure 1: Forecast of new personal and stakeholder pension business (regular premiums only) – Fan chart, 2008-18
New personal and individual stakeholder pension business falls sharply in 2013
Figure 2: New personal and individual stakeholder pension business – Regular and single premiums, 2009-13
Independent advisers dominate distribution
Competitive position of personal and stakeholder pensions has deteriorated
Growing interest in SIPPs increases competitive pressures
Market factors
Improvement in UK’s economic performance boosts consumer confidence
Pension auto-enrolment in full swing
Impact of RDR reforms on the adviser market
Companies, brands and innovation
Top five personal pension providers control nearly two thirds of the market
Personal and stakeholder pension advertising is halved in 2013
Limited innovation in the personal and stakeholder pension market
Recent product development driven by the RDR
The consumer
Just one in seven regularly contribute to a personal pension
Figure 3: Active pension ownership, December 2013
48% of those not actively contributing to a pension have no retirement savings at all
Figure 4: Reasons for not contributing to a pension, December 2013
Auto-enrolment increases recent workplace pension ownership at the expense of new personal pensions
Figure 5: Length of pension contribution period, December 2013
Over half have retirement savings valued less than £30,000
Figure 6: Value of retirement savings, December 2013
Internet and IFAs are the most popular choices for pension advice
Figure 7: Sources of pension advice, December 2013
Over two thirds of non-retirees are aware of auto-enrolment
Figure 8: Agreement with statements about pensions and retirement savings, December 2013
What we think

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Issues and Insights

Auto-enrolment generates opportunity for the personal pensions market
The facts
The implications
Are SIPPs becoming a threat to personal pensions?
The facts
The implications
The younger generation should not be forgotten by personal pension providers
The facts
The implications

Trend Application
Personal pension providers to target the self-employed
Bringing personal pension products to consumers
The next generation of savers

Pension Regulation and Legislation

Key points
Pension auto-enrolment scheme in full swing
Potential workplace pension charges cap on the horizon
Impact of RDR reforms on the adviser market
State pension to be made simpler

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Market Drivers

Key points
Improvement in UK’s economic performance boosts confidence
Figure 9: GfK Consumer confidence barometer, UK, January 1994-January 2014
Income squeeze continues
Figure 10: Monthly changes in RPI and average weekly earnings, January 2009-December 2013
Figure 11: Quarterly changes in the savings ratio*, 1998-Q3 2013
Auto-enrolment provides a major boost to the occupational pension market
Figure 12: Total new insurer-administered occupational pension premiums*, including regular and single-premium business, 2007-13
Growing interest in the SIPP segment of personal pensions
Figure 13: Total wealth management industry SIPP assets, 2007-13
ISAs can be considered alternative retirement saving strategies
Figure 14: Value of ISA sales, by type of ISA, 2008/09-2012/13


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