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UK Pensions Market Report Analysis and Forecast to 2025 - Analysing Market by Product and COVID-19 Impact on Consumers, Attitudes and Behaviours
The UK Pensions Market research report is vital for buyers, stakeholders, new entrants, and existing vendors. UK Pensions Market provides top-notch market information along with the definition, production, application, and forecast. In addition, UK Pensions Market describes the market by type, end-user, application, and region. Moreover, UK Pensions Market also provides external environment analysis and PEST analysis. Finally, UK Pensions Market report also offers strategies for businesses to deal with the impact of Covid-19 on the UK Pensions Market.Get FREE PDF Sample of the Report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=4763415
The COVID-19 pandemic caused the UK pensions market to shrink drastically, falling by 21.9% to £12.8bn annual premium equivalent (APE) in 2020. Although all types of pensions contracted, work-based pensions (which account for the largest share of the total) saw the least severe decline (-15.6%). Workplace pension participation leveled off, while the governments furlough scheme compromised growth, with contributions being based on an employees reduced salary rather than their full wage. The pensions market is projected to grow to £19.2bn APE by 2025, representing a compound annual growth rate of 8.4%. Growth will be slower in the early years of the forecast period as ongoing restrictions will continue to impact both the way businesses operate and employment rates in the short term.
UK Pensions Market Report examines how the pensions market is changing. It explores how consumers attitudes and behaviors towards long-term saving, planning for retirement, and accessing private pensions have been impacted as a result of the COVID-19 pandemic.
UK Pensions Market Report also provides current and historical data on the size of the market by product type, covering individual pensions, workplace pensions, and trust-based pensions. Data on annuities and income drawdowns is also provided. The size of the pensions market has been forecast to 2025.
Scope of this Report-
- Single individuals need to supplement the state pension by more than £11,500 per annum to achieve a reasonable lifestyle in retirement. Longer life expectancies mean that women need larger pension pots than men for the same retirement income, highlighting the gender gap in pensions.
- Since the outbreak of COVID-19, confidence that pensions are enough to last throughout retirement has eroded for 23.4% of non-retired individuals. The most negative sentiment is among unemployed and furloughed individuals.
- 14.7% of over 55s cited that they had withdrawn money from their private pensions. More than half of all pension plans are emptied at the first time of access.
Reasons to Buy this Report-
- Examine the size of the pensions market
- Discover how consumers save towards retirement
- Learn how individuals access their private pensions for the first time
- Understand trends in income drawdowns and annuities
- Explore the gender gap in pensions
- Understand the impact of COVID-19 on the market, sentiment, and customer behavior
- Understand the impact of the furlough scheme
Get Discount on Purchase this Report @ https://www.reportsnreports.com/purchase.aspx?name=4763415
List of Tables
Table 1: Trust-based APE by product type (£m), 2016-20
Table 2: Individual APE by product type (£m), 2016-20
Table 3: Top 10 UK individual and workplace pension providers by GWP, 2019
Table 4: Top 10 UK trust-based pension providers by GWP, 2019
Table 5: AE thresholds, 2019-20 to 2021-22
Table 6: Total minimum contributions rose to 8% of qualifying earnings in April 2019
Table 7: Example of average retirement income through annuities, May 2019 to May 2021
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