|10-15-2018 12:12 PM CET - Advertising, Media Consulting, Marketing Research||
UK Pre-Retirement Pensions Market : Players Covered Standard Life, Lloyds Banking Group,Rothesay Life, NEST, Starling
Press release from: HTF Market Intelligence Consulting Pvt. Ltd.
HTF Market Intelligence released a new research report of 53 pages on title 'The UK Pre-Retirement Pensions Market 2018' with detailed analysis, forecast and strategies. The study covers includes important players such as Standard Life, Lloyds Banking Group,Rothesay Life, NEST, Starling, Pension Bee etc.
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The UK Pre-Retirement Pensions Market 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.
- 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.
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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.
Companies Mentioned in the Report:
Lloyds Banking Group
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Table of Contents
1. 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
2. THE STATE PENSION 9
2.1. Introduction 9
2.1.1. The government is trying to reduce reliance on the state pension 9
2.1.2. The UK population is aging 9
2.1.3. An aging population is putting pressure on the state pension 10
2.1.4. The Government Actuary’s Department reports that the state pension could run out by 2032 10
2.1.5. Finding a solution for the state pension is a dilemma for intergenerational wealth 11
2.1.6. The state pension age is increasing to relieve pressure on the state pension 11
2.1.7. Individuals will be working for longer and later into life 12
2.1.8. Life expectancy is stagnating, which should be acknowledged in reviewing the SPA 12
2.1.9. Some retire at 55, but most wait until they are at least 65 and can access the state pension 13
3. SAVING FOR RETIREMENT 14
3.1. Pension saving is more important than ever 14
3.1.1. Individuals must make their own pension savings outside of the state pension 14
3.1.2. The UK pensions market remains steady at £10.56bn APE in 2017 14
3.1.3. The individual pensions market has grown due to SIPPs 15
3.1.4. Work-based pensions have grown their share of the market 16
3.1.5. Trust-based pension premium fell significantly in 2017 16
3.1.6. The total pension market is expected to grow to be worth £12.7bn APE by 2022 17
3.2. Auto-enrolment is the government solution to boost pension savings 18
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