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Personal and Stakeholder Pensions - UK - March 2014
Although at first glance the government’s pension auto-enrolment...
personal Pension Providers To Target The Self-employed
bringing Personal Pension Products To Consumers
the Next Generation...
aviva Holds Its Position As Personal Pension Market Leader In 2012
figure 20: Ranking Of Individual Pension Providers &nda...
independent Advice Dominates Personal Pension Sales In 2013
figure 33: New Personal Pension Business, By Sales Channel, 20...
figure 52: Sources Of Pension Advice, By Value Of Retirement Savings, December 2013
personal Pension Owners Most Likely To...
appendix – Value Of Retirement Savings
figure 72: Value Of Retirement Savings, By Demographics, December 2013
figure...
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Personal and Stakeholder Pensions - UK - March 2014:Industry Trends, Size and Shares Research Report

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Personal and Stakeholder Pensions - UK - March 2014:Industry Trends, Size and Shares Research Report
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Transcript of "Personal and Stakeholder Pensions - UK - March 2014:Industry Trends, Size and Shares Research Report "

  1. 1. 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. 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 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 and Stakeholder Pensions - UK - March 2014
  2. 2. 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 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 swot Analysis figure 15: Personal And Stakeholder Pensions – Swot Analysis, 2014 who’s Innovating? key Points limited Innovation In The Personal And Stakeholder Pension Market aviva’s Response To Rdr For Advisers product Innovation From The Adviser Side market Size And Forecast key Points new Regular-premium Business Continued To Fall Sharply In 2013 figure 16: New Personal Pension And Individual Stakeholder Pension Business, 2009-13 nearly Two Thirds Of New Single-premium Business Is Attributable To Transfers figure 17: Transfers As A Share Of New Personal And Individual Stakeholder Business, 2009-13 five-year Forecast Of The Value Of Regular-premiums Business figure 18: Forecast Of New Personal And Stakeholder Pension Business (regular Premiums Only) – Fan Chart, 2008-18 figure 19: Forecast Of New Regular-premium Personal Pension And Individual Stakeholder Pension Business, 2008-18 forecast Methodology fan Chart Explanation market Share key Points Personal and Stakeholder Pensions - UK - March 2014
  3. 3. aviva Holds Its Position As Personal Pension Market Leader In 2012 figure 20: Ranking Of Individual Pension Providers – Uk, By Gwp Relating To Total Individual Pension Business, 2011 And 2012 companies And Products aviva company Description pension Portfolio distribution key Financial Data figure 21: Aviva Plc Value Of New Uk Life And Pensions Business, Q1-q3 2012 And 2013 figure 22: Aviva Plc Uk Long-term Business Market Performance, 2011 And 2012 recent Activity standard Life company Description pension Portfolio distribution key Financial Data figure 23: Standard Life Group Value Of New Uk And Europe Business, Q1-q3 2012 And 2013 figure 24: Standard Life Group Financials For Uk And Europe*, 2011 And 2012 recent Activity aegon Uk company Description pension Portfolio distribution key Financial Data figure 25: Interim Results For Uk Business Of Aegon Group, Q1-q3 2012 And 2013 figure 26: Annual Results For Uk Business Of Aegon Group, 2011 And 2012 recent Activity lloyds Banking Group company Description pension Portfolio distribution key Financial Data figure 27: Lloyds Banking Group Insurance Division Half-year Results, 2012 And 2013 recent Activity old Mutual company Description pension Portfolio distribution key Financial Data figure 28: Old Mutual Wealth Financials On Long-term Savings*, 2011-13 recent Activity brand Communication And Promotion key Points minor Reduction In Overall Advertising Expenditure On Pensions figure 29: Total Advertising Expenditure On Pension Products And Services (excluding Annuities), 2008/09-2012/13 personal And Stakeholder Pension Advertising Is Halved In 2013 figure 30: Total Advertising Expenditure On Pension And Retirement Income Product, By Sub-category, 2008/09-2012/13 auto-enrolment Keeps Dwp In The Lead As Top Advertiser Of Pensions figure 31: Top 10 Advertisers Of Pension Products And Services (including Retirement Income Products), 2010/11-2012/13 tv Becomes Most Popular Advertising Channel For Pensions In 2013 figure 32: Total Advertising Expenditure On Pension And Retirement Income Product, By Media Type, 2010/11-2012/13 online Channels Provide An Opportunity For Personal Pension Providers a Note On Adspend channels To Market key Points new Adviser Model Categories Now In Effect Personal and Stakeholder Pensions - UK - March 2014
  4. 4. independent Advice Dominates Personal Pension Sales In 2013 figure 33: New Personal Pension Business, By Sales Channel, 2013 figure 34: New Personal Pension Business, By Sales Channel, Q1-q4 2013 majority Of Individual Stakeholder Pensions Sold Directly Or Via Restricted Advice figure 35: New Individual Stakeholder Pension Business, By Sales Channel, 2013 figure 36: New Individual Stakeholder Pension Business, By Sales Channel, Q1-q4 2013 active Pension Ownership key Points survey Background individual Pension Ownership Remains Low While Workplace Pension Ownership Increases Significantly figure 37: Active Pension Ownership, By Scheme Type, December 2012 And 2013 personal Pensions Remain More Attractive For The Higher Earners figure 38: Active Pension Ownership, By Highest Rate Of Income Tax Paid, December 2013 pension Ownership Is Lowest Among The Self-employed figure 39: Active Pension Ownership, By Working Status, December 2013 gender Gap In Pension Ownership And Retirement Savings figure 40: Active Pension Ownership, By Gender, December 2013 reasons For Lack Of Active Pension Ownership key Points almost Half Of Those Not Actively Contributing To A Pension Have No Retirement Savings At All figure 41: Reasons For Not Contributing To A Pension, December 2013 issue Of Dormant Pension Pots Arises Among The Older Age Groups figure 42: Reasons For Not Contributing To A Pension, By Age, December 2013 length Of Pension Contribution Period key Points auto-enrolment Increases Recent Workplace Pension Ownership At The Expense Of New Personal Pensions figure 43: Length Of Pension Contribution Period, December 2013 figure 44: Active Pension Ownership, By Length Of Pension Contribution Period, December 2013 value Of Retirement Savings key Points more Than One In Five Non-retirees Do Not Know The Value Of Their Retirement Savings figure 45: Value Of Retirement Savings, December 2013 value Of Retirement Savings Varies With Financial Priorities figure 46: Value Of Retirement Savings, By Age, December 2013 over-45s Are Risking Their Comfortable Retirement personal Pension Holders Likely To Save More Towards Retirement figure 47: Value Of Retirement Savings, By Most Popular Active Pension Ownership, December 2013 figure 48: Value Of Retirement Savings, By Gender And Working Status, December 2013 sources Of Pension Advice key Points internet And Ifas Remain The Most Popular Choices For Pension Advice figure 49: Sources Of Pension Advice, December 2013 And 2012 figure 50: Number Of Sources Of Pension Advice Likely To Be Used, December 2013 rdr Reduces Availability Of Advisers At Banks And Building Societies pension Advice Preferences Vary With Age figure 51: Sources Of Pension Advice, By Gender And Age, December 2013 interest In Pension Advice Is Strongest Among The Young Age Groups professional Sources Of Advice Preferred Among Those With Greater Savings Personal and Stakeholder Pensions - UK - March 2014
  5. 5. figure 52: Sources Of Pension Advice, By Value Of Retirement Savings, December 2013 personal Pension Owners Most Likely To Choose Ifas For Advice figure 53: Sources Of Pension Advice, By Most Popular Active Pension Ownership, December 2013 attitudes Towards Pensions And Retirement Savings key Points over Two Thirds Of Non-retirees Are Aware Of Auto-enrolment figure 54: Attitudes Towards Pensions And Retirement Savings, December 2013 saving For Retirement In Other Ways Is More Appealing Than Pensions interest In Personal Pension Products Is Disappointingly Low Among The 45-54-year-olds figure 55: Level Of Agreement With Statement ‘i Am Interested In Using A Personal Pension Product To Help Save For My Retirement’, By Gender And Age, December 2013 figure 56: Level Of Agreement With Statement ‘i Am Interested In Using A Personal Pension Product To Help Save For My Retirement’, By Working Status And Rate Of Tax Paid, December 2013 employed Individuals Are Still Interested In Personal Pensions false Optimism Or Wise Foresight Among The Younger Age Groups? figure 57: Level Of Agreement With Statements About Retirement, By Gender And Age, December 2013 struggling 45-54-year-olds Need Support auto-enrolment Will Intensify The Need For Pension Pot Consolidation figure 58: Attitudes Towards Pensions And Retirement Savings, By Active Pension Ownership, December 2013 appendix – Market Drivers figure 59: Uk Quarterly Gdp* Growth, Q4 2006-q4 2013 figure 60: New Insurer-administered Occupational Pension Premiums, By Sub-sector, 2007-13 figure 61: Total New Premiums For Group Personal Pensions (gpps), 2009-13 figure 62: Volume And Value Of Isa Subscriptions, By Type Of Isa, 2008/09-2012/13 appendix – Market Forecast figure 63: Forecast Of New Personal And Individual Stakeholder Pension Business (regular Premiums Only) – Best- And Worst-case Scenario, 2013-18 appendix – Channels To Market figure 64: New Personal Pension Business, By Sales Channel, 2008-12 figure 65: New Individual Stakeholder Pension Business, By Sales Channel, 2008-12 appendix – Active Pension Ownership figure 66: Active Pension Ownership, By Demographics, December 2013 figure 67: Active Pension Ownership, By Demographics, December 2013 (continued) appendix – Reasons For Lack Of Active Pension Ownership figure 68: Reasons For Not Contributing To A Pension, By Demographics, December 2013 figure 69: Reasons For Not Contributing To A Pension, By Demographics, December 2013 (continued) appendix – Length Of Pension Contribution Period figure 70: Length Of Pension Contribution Period, By Demographics, December 2013 figure 71: Length Of Pension Contribution Period, By Demographics, December 2013 (continued) Personal and Stakeholder Pensions - UK - March 2014
  6. 6. appendix – Value Of Retirement Savings figure 72: Value Of Retirement Savings, By Demographics, December 2013 figure 73: Value Of Retirement Savings, By Demographics, December 2013 (continued) appendix – Sources Of Pension Advice figure 74: Sources Of Pension Advice, By Demographics, December 2013 figure 75: Sources Of Pension Advice, By Demographics, December 2013 (continued) number Of Sources Of Pension Advice figure 76: Number Of Sources Of Pension Advice Likely To Be Used, By Demographics, December 2013 appendix – Attitudes Towards Pensions And Retirement Savings figure 77: Agreement With The Statement ‘i Am Aware Of The Workplace Pension Automatic Enrolment Scheme Being Introduced By The Government’, By Demographics, December 2013 figure 78: Agreement With The Statement ‘i Would Prefer To Have Only One Pension Scheme Rather Than Manage Several Schemes’, By Demographics, December 2013 figure 79: Agreement With The Statement ‘i Would Prefer To Save For My Retirement Through A Company/workplace Pension Scheme’, By Demographics, December 2013 figure 80: Agreement With The Statement ‘i Think There Are Better Ways To Save For Retirement Than In A Pension’, By Demographics, December 2013 figure 81: Agreement With The Statement ‘i Am Interested In Using A Personal/individual Pension Product To Help Save For My Retirement’, By Demographics, December 2013 figure 82: Agreement With The Statement ‘i Am Confident I Will Have Enough Saved To Enjoy A Comfortable Retirement’, By Demographics, December 2013 figure 83: Agreement With The Statement ‘i Am Planning To Increase The Amount That I Am Saving For My Retirement In The Next 12 Months’, By Demographics, December 2013 figure 84: Agreement With The Statement ‘i Am Relying On My Employer To Make My Pension Arrangements’, By Demographics, December 2013 figure 85: Agreement With The Statement ‘i Am Planning To Seek Professional Advice About My Pension Options’, By Demographics, December 2013 figure 86: Agreement With The Statement ‘i Am Not Interested In Pensions Or Saving For My Retirement’, By Demographics, December 2013 ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ Personal and Stakeholder Pensions - UK - March 2014

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