|01-11-2019 04:35 PM CET - Business, Economy, Finances, Banking & Insurance||
UK Pre-Retirement Pensions Market to reach £12.7bn by 2022 | Leading players- Aviva, Royal London, Standard Life, Lloyds Banking Group, Rothesay Life, NEST, Starling, Pension Bee, Aegon, LV
Press release from: ReportsWeb
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.
Aviva, Royal London, Standard Life, Lloyds Banking Group, Rothesay Life, NEST, Starling, Pension Bee, Aegon, LV
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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.
Scope of the report:
- 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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Table of Contents
1. Executive Summary
2. The State Pension
3. Saving For Retirement
4. The Competitor Landscape
5. The Future of Advice And Saving
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.
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This release was published on openPR.
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