2020 UK Pre-Retirement Pensions Market Report- Size, Share, Statistics, Demand and Revenue; Forecast | Aviva, Prudential, Lloyds Banking Group

ReportsnReports added Latest UK Pre-Retirement Pensions Market research report estimates the market size by the end of year at a CAGR, by deep-dive analysis of the historical data for the years. The main objective of this report is to determine UK Pre-Retirement Pensions Market status, forecast, growth opportunity, market size by analyzing segments such as key market players, regional classifications, product type and application industry. UK Pre-Retirement Pensions Market also provides a comparative analysis of the market dynamics pre and post Covid19 outbreak.

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Top Company Profile Analysis in this Report-
Aviva
Prudential
Lloyds Banking Group
Phoenix Group Holdings
Zurich Financial Services
BlackRock
Fidelity
LV=
Quilter
Rothesay Life
Royal London
Pension Insurance Corporation (PIC)

and more..

The total UK pensions market grew 16.1% to £16.4bn annual premium equivalent (APE) in 2019. Workplace pensions drove growth as minimum pension contributions increased to 8%. Direct benefit to direct contribution transfers continue as companies de-risk and individuals take advantage of pension freedoms. COVID-19 will bring uncertainty to saving for retirement. The UK economy has officially entered into recession and disposable incomes are set to fall as unemployment rises. This will force many individuals to temporarily stop making pension contributions as they cut non-essential spending. The UK pensions market is projected to contract at the start of the forecast period before returning to growth.

This report examines how the pensions market is changing as consumers are encouraged to save in personal pensions while state pension funding is under pressure. It discusses the impact of auto-enrollment on saving, as well as other regulatory changes. The report explores consumers’ attitudes towards planning for retirement, examines how engaged they are with their pensions, and identifies how they access financial advice on their investments. It also discusses how consumer awareness around pensions can improve with technological developments.

The report provides current and historical data on the size of the market by product type - covering individual pensions, workplace pensions, and trust-based pensions - and distribution channel. The size of the pensions market has been forecast to 2024.

Scope of this Report-
- A notable 16.7% of individuals do not know how much their pension is worth. Of those who do, over half stated that their main pension pot is worth less than £30,000.
- Women have considerably smaller pension pots than men and their state pension is lower.
- 30.1% do not register to use their pension provider’s website, while a further 12.5% have registered but never used it.

Reasons to Buy this Report-
- Examine the size of the pensions market.
- Learn about recent market developments and upcoming regulatory changes.
- Discover how consumers are saving towards retirement.
- Understand consumer engagement with their pensions.
- Learn about the impact of COVID-19 on pensions.

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Table of Contents
1. EXECUTIVE SUMMARY
1.1. COVID-19 will cause uncertainty in the pensions space
1.2. Key findings
1.3. Critical success factors
2. THE STATE PENSION
2.1. The UK population is aging, squeezing the state pension
2.2. The state pension is insufficient and funding is under pressure
2.3. Almost half ofindividuals retire upon reaching the SPA
2.4. Individuals believe the state pension will help fund their retirement
3. THE PRIVATE PENSION MARKET SIZE AND COMPETITIVE LANDSCAPE
3.1. Workplace pensions make up the largest share of the market
3.2. Royal London and Rothesay Life lead the market for pensions
4. TRENDS IN SAVING FOR RETIREMENT
4.1. Auto-enrollment has boosted individual pension savings
4.2. There has been a shift away from DB schemes
4.3. Pension pot characteristics and saving attitudes
4.4. The impact of COVID-19 on consumer attitudes towards pensions
5. PENSIONS ENGAGEMENTAND ADVICE
5.1. A substantial proportion of individuals do not receive financial advice on their pension plans
5.2. Customers are rarely actively engaged with their retirement saving
5.3. Open finance and pensions dashboards can improvepension awareness and engagement
5.4. Improving awareness of pension income closer to retirement is another area of focus
6. APPENDIX
6.1. Abbreviations and acronyms
6.2. Definitions
6.3. Methodology
6.4. Secondary sources
6.5. Further reading

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