UK Personal and Stakeholder Pensions Market March 2013 Available on Researchmoz.us
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UK Personal and Stakeholder Pensions Market March 2013 Available on Researchmoz.us

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With RDR-related reforms set to make independent advice increasingly harder to come by for many consumers, rising interest in the ability to manage and monitor pensions online among younger savers can ...

With RDR-related reforms set to make independent advice increasingly harder to come by for many consumers, rising interest in the ability to manage and monitor pensions online among younger savers can be seen as an encouraging sign. It suggests that savers are becoming increasingly more comfortable managing their own finances and may potentially be more willing to buy pension products directly in the future.

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UK Personal and Stakeholder Pensions Market March 2013 Available on Researchmoz.us UK Personal and Stakeholder Pensions Market March 2013 Available on Researchmoz.us Document Transcript

  • Personal and Stakeholder Pensions - UK - March 2013Countries covered: United Kingdom With RDR-related reforms set to make independent advice increasingly harder to come by for manyconsumers, rising interest in the ability to manage and monitor pensions online among younger savers can beseen as an encouraging sign. It suggests that savers are becoming increasingly more comfortable managingtheir own finances and may potentially be more willing to buy pension products directly in the future. George Zaborowski, Senior Analyst – Financial Services Some questions answered in this report include: Is the start of pension auto-enrolment a threat or anopportunity? As the market evolves where will personal pensions fit in? How important is a well-knownpension brand to consumers? What types of features will future savers look for in a pension?table Of Contentintroductionabbreviationsexecutive Summarythe Marketlittle Prospect For Growth Over The Next Five Yearsfigure 1: Forecast Of New Personal And Individual Stakeholder Pension Business (regular Premiums Only)–fan Chart, 2007-17new Single-premium Business Supported By Pension Transfersfigure 2: New Personal And Individual Stakeholder Pension Business – Regular And SinglePremiums,2008-12pension Auto-enrolment Increases Competitive Pressuresintermediaries Dominate Distributionmarket Factorseconomic Slowdown Deflecting Attention From Longer-term Financial Goalsrecent Regulatory Developmentscompanies, Brands And Innovationwith Aviva At The Top, The Top Five Providers Control Two Thirds Of The Marketadspend On Pensions Boosted By Introduction Of Auto-enrolment In 2012recent Product Development Has Been Driven By The Rdrthe Consumerless Than Three In Five Non-retired Adults Contributing To Any Type Of Pensionfigure 3: Active Pension Ownership And Retirement Savings, December 2012Personal and Stakeholder Pensions - UK - March 2013
  • most Have Retirement Savings Valued At Less Than £30,000figure 4: Value Of Retirement Savings, December 2012simple Annual Statements And Low Costs The Most Important Pension Featuresfigure 5: What Consumers Look For In A Personal Pension, December 2012the Internet And Ifas The Most Common Choices For Pension Advicefigure 6: Sources Of Pension Advice, December 2012consumers Have Mixed Feelings Towards Retirement And Pensionsfigure 7: Agreement With Statements About Saving For Retirement And Pensions, December 2012what We Thinkissues In The Marketis The Start Of Pension Auto-enrolment A Threat Or An Opportunity?as The Market Evolves Where Will Personal Pensions Fit In?how Important Is A Well-known Pension Brand To Consumers?what Types Of Features Will Future Savers Look For In A Pension?trend Applicationstaying On The Right Path Towards Retirementyoung Savers With Grown-up Attitudesmintel Futures: Generation Nextmarket Driverskey Pointsup And Down Economy Keeps The Focus On Near-term Financial Prioritiesfigure 8: Quarterly Changes In Gdp* And The Savings Ratio**, 1998-q3 2012inflation Is Easing But Average Wages Are Not Risingfigure 9: Monthly Change In Rpi And Average Weekly Earnings, January 2009-december 2012poor Annuity Rates Act As A Disincentive To Saving In A Pensionlatest Regulatory Developmentsrdr Reforms Now In Effectpension Auto-enrolment Raising The Profile Of Pensionsflat-rate State Pension Set To Be Introduced In 2017maximum Value Of Pension Contributions Set To Be Pulled Back Furthercompetitor Productskey PointsPersonal and Stakeholder Pensions - UK - March 2013
  • competing Pension Productsnew Occupational Dc Pension Business Falls In 2012figure 10: New Insurer-administered Dc Occupational Pension Business (volume And Value), 2008-12growth In New Gpp Business Continuesfigure 11: Number Of New Individual Pension Contracts (including Gpps), By Type Of Product, 2008-12wealthy Choosing Sipps Over The More Basic Individual Pensionsfigure 12: Value Of New Individual Pension Business (including Gpps), By Premium, 2008-12non-pension Alternatives2011/12 Tax Year Isa Contributions Stagnatefigure 13: Value Of Isa Sales, By Type Of Isa, 2006/07-2011/12figure 14: Volume And Value Of Isa Subscriptions, By Type Of Isa, 2006/07-2011/12many Britons Prefer Property To Pensionsswot Analysisfigure 15: Personal And Stakeholder Pensions – Swot Analysis, 2013who’s Innovating?key Pointspensions Evolve With Regulatory Changes And Technological Advancesrdr Drives Changes In Personal And Individual Stakeholder Productsaviva And Aegon Reorganise And Refreshrdr Pushing Some Ifas To Start Experimenting With ‘digital’ Advicepensions Wizard From Wake Up Your Wealth – ‘algorithm-based Advice’ifa Firm Informed Choice Set To Launch Ic Directmarket Size And Forecastkey Pointsregular-premium Business Falls Sharply In 2012figure 16: New Personal Pension And Individual Stakeholder Pension Business, 2008-12transfers Continue To Artificially Support New Single-premium Businessfigure 17: Transfers As A Share Of New Personal And Individual Stakeholder Pension Business, 2008-12five-year Forecast Of Overall Regular Premiumsfigure 18: Forecast Of New Personal And Individual Stakeholder Pension Business (regular Premiumsonly) – Fan Chart, 2007-17figure 19: Forecast Of New Regular-premium Personal Pension And Individual Stakeholder Pensionbusiness, 2007-17forecast Methodologyfan Chart ExplanationPersonal and Stakeholder Pensions - UK - March 2013
  • market Sharekey Pointsaviva Holds On To Its Top Position In The Rankings In 2011figure 20: Ranking Of Individual Pension Providers – Uk, By Gwp Relating To Total IndividualPension Andincome Drawdown Business, 2010 And 2011companies And Productsavivastandard Lifeaegon Uklloyds Banking Groupfriends Lifebrand Communication And Promotionkey Pointsintroduction Of Auto-enrolment Provides A Boost To Pension Adspendfigure 21: Total Advertising Expenditure On Pension Products And Services (excluding Annuities), 2008-12personal And Stakeholder Pension Advertising Rises By Two Thirds In 2012figure 22: Total Advertising Expenditure On Pension And Retirement Income Product, By Sub-category,2008-12dwp Top Advertiser Of Pensions In 2012figure 23: Top Five Advertisers Of Pension Products And Services, 2010-12channels To Marketkey Pointsmost Individual Pensions Sales Are Via Intermediariesifas Maintain Their Dominance In Personal Pension Salesfigure 24: New Personal Pension Business, By Sales Channel, 2008-12direct Sales The Only Channel To See Growth In Stakeholder Business In 2012figure 25: New Individual Stakeholder Pension Business, By Sales Channel, 2008-12active Pension Ownership And Retirement Savingskey Pointsjust One In Seven Regularly Contribute To An Individual PensionPersonal and Stakeholder Pensions - UK - March 2013
  • figure 26: Active Pension Ownership And Retirement Savings, December 2012auto-enrolment – An Opportunity Or A Threat?incentive To Save In A Pension Is Particularly Strong For Higher Earnersfigure 27: Active Pension Ownership And Retirement Savings, By Highest Rate Of Income Tax Paid,december 2012individual Pensions Will Remain Attractive For The Self-employedfigure 28: Active Pension Ownership And Retirement Savings, By Gender And Working Status,december 2012lack Of Retirement Savings Among Women Points To An Opportunityvalue Of Retirement Savingskey Pointsretirement Savings Primarily Concentrated At Values Below £30,000figure 29: Value Of Retirement Savings, December 2012a Large Proportion Of Over-45s Will Have To Play Catch-upfigure 30: Value Of Retirement Savings, By Gender And Age, December 2012promoting The Peace Of Mind Of Getting Ahead Of The Game Early On In Lifepension Tax Relief Makes It Easier For Higher Earners To Accumulate Fundsfigure 31: Value Of Retirement Savings, By Highest Rate Of Income Tax Paid, December 2012individual Pension Owners Most Likely To Have £30k+ In Savingsfigure 32: Value Of Retirement Savings, By Pension And Retirement Savings Ownership, December 2012what Consumers Look For In A Personal Pensionkey Pointssimplicity And Cost Efficiency Most Important To Pension Saversfigure 33: What Consumers Look For In A Personal Pension, December 2012interest In Professional Management And Choice Linked To Wealthfigure 34: Level Of Agreement With Selected Statements On What Consumers Look For In A Personalpension, December 2012the Importance Of A Well-known Brand Tends To Diminish Over Timecontrol Over Contributions More Important Than Control Over Investmentsfigure 35: Level Of Agreement With Selected Statements On What Consumers Look For In A Personalpension, December 2012a Flexible Approach Attractive For Younger People And High Earnersinterest In The Ability To Manage And Monitor Pensions Online Set To Growsources Of Pension Advicekey Pointsthe Internet And Ifas The Most Popular Choices For Pension Advicefigure 36: Sources Of Pension Advice, December 2012Personal and Stakeholder Pensions - UK - March 2013
  • source Of Pension Advice Changes With Agefigure 37: Sources Of Pension Advice, By Age And Gender, December 2012among Those Who Would Use Just One Source, Ifas Come Out On Topfigure 38: Repertoire* On Sources Of Pension Advice, December 2012for Most, Independent Pension Advice Is Out Of Reachfigure 39: Sources Of Pension Advice, By Value Of Retirement Savings, December 2012with Auto-enrolment More Will Go To Employers For Pension Advicefigure 40: Sources Of Pension Advice, By Pension Ownership And Retirement Savings, December 2012attitudes Towards Saving For Retirementkey Pointsfewer Than Two In Five Agree That Saving For Retirement Is A Priorityfigure 41: Level Of Agreement With Statements About Saving For Retirement, December 2012confidence Of A Comfortable Retirement Dwindles With Agefigure 42: Level Of Agreement With Statements About Saving For Retirement, By Gender And Age,December2012wealthy Are More Positive But Not Overwhelmingly Confident Eithercoming Of Age During A Crisis A Blessing In Disguisehelping People To Stay On The Right Path To Retirementthose Who Own A Pension Tend To Have More Favourable Attitudesfigure 43: Level Of Agreement With Statements About Saving For Retirement, By Pension Ownership Andretirement Savings, December 2012attitudes Towards Saving In A Pensionkey Pointsconsumers Generally Show Little Interest In Pensions…figure 44: Level Of Agreement With Statements About Saving In A Pension, December 2012but 55% Agree That Early Access Would Make Them More Appealingunder-35s The Most Inclined To Want To Manage Their Own Pensionsfigure 45: Level Of Agreement With Statements About Saving In A Pension, By Gender And Age, December2012existing Pension Owners Broadly More Positive But This Can Be Improvedfigure 46: Level Of Agreement With Statements About Saving In A Pension, By Pension Ownership Andretirement Savings, December 2012appendix – Market Forecastbest And Worst Case Scenario Forecastfigure 47: Forecast Of New Personal And Individual Stakeholder Pension Business (regular Premiums Only)best And Worst Case Scenario, 2012-17Personal and Stakeholder Pensions - UK - March 2013
  • appendix – Active Pension Ownership And Retirement Savingsfigure 48: Active Pension Ownership And Retirement Savings, By Demographics, December 2012figure 49: Active Pension Ownership And Retirement Savings, By Demographics, December 2012(continued)figure 50: Active Pension Ownership And Retirement Savings, By Demographics, December 2012(continued)figure 51: Active Pension Ownership And Retirement Savings Among Non-retired Adults, By Demographics,december 2012figure 52: Active Pension Ownership And Retirement Savings Among Non-retired Adults, By Demographics,december 2012 (continued)figure 53: Active Pension Ownership And Retirement Savings Among Non-retired Adults, By Demographics,december 2012 (continued)figure 54: Active Pension Ownership And Retirement Savings, By Type Of Pension Owned, December 2012appendix – Value Of Retirement Savingsfigure 55: Value Of Retirement Savings, By Demographics, December 2012figure 56: Value Of Retirement Savings, By Demographics, December 2012 (continued)figure 57: Pension Ownership And Retirement Savings, By Value Of Retirement Savings, December 2012 appendix – What Consumers Look For In A Personal Pension figure 58: What Consumers Look For In A Pension – Easy-to-understand Annual Statements, By demographics, December 2012 figure 59: What Consumers Look For In A Pension – Low Fees And Charges, By Demographics,December 2012 figure 60: What Consumers Look For In A Pension – The Ability To Vary Contribution Levels As IPlease, By demographics, December 2012 figure 61: What Consumers Look For In A Pension – Managed By An Investment Professional, By demographics, December 2012 figure 62: What Consumers Look For In A Pension – Access To A Wide Variety Of InvestmentTypes, By demographics, December 2012 figure 63: What Consumers Look For In A Pension – The Ability To Make Lump-sum Contributions,By demographics, December 2012 figure 64: What Consumers Look For In A Pension – The Ability To Manage How Pension IsInvested, By demographics, December 2012Personal and Stakeholder Pensions - UK - March 2013
  • figure 65: What Consumers Look For In A Pension – The Ability To Monitor Pension Online, ByDemographics,december 2012figure 66: What Consumers Look For In A Pension – A Well-known Brand, By Demographics,december 2012appendix – Sources Of Pension Advicefigure 67: Sources Of Pension Advice, By Demographics, December 2012figure 68: Sources Of Pension Advice, By Demographics, December 2012 (continued)figure 69: Repertoire On Sources Of Pension Advice, By Demographics, December 2012appendix – Attitudes Towards Saving For Retirementfigure 70: Agreement With The Statements ‘i Am Happy To Lock Up Some Of My Savings UntilRetirement’and ‘saving For Retirement Is A Priority For Me’, By Demographics, December 2012figure 71: Agreement With The Statement ‘i’m Confident I’ll Be Able To Save EnoughTo Retire Comfortably’,by Demographics, December 2012 appendix – Attitudes Towards Saving In A Pension figure 72: Agreement With The Statements ‘saving In A Pension Would Be More Attractive If I CouldAccess the Funds Under Certain Circumstances’ And ‘it’s Better To Manage Your OwnPension Savings’, By demographics, December 2012 figure 73: Agreement With The Statements ‘there Are Better Ways To Save For Retirement Than APension’ and ‘arranging My Own Personal Pension Is Not Necessary’, By Demographics, December2012 figure 74: Attitudes Towards Saving In A Pension, By Value Of Retirement Savings, December 2012uk Research Methodologyconsumer Researchsampling And Weightingdefinitionsqualitative Researchtrade ResearchinformalformalPersonal and Stakeholder Pensions - UK - March 2013
  • desk Researchstatistical Forecastingeuropean Research MethodologyAbout Us:Transparency Market Research is a market intelligence company providing global business informationreports and services. Our exclusive blend of quantitative forecasting and trends analysis providesforward-looking insight for thousands of decision makers. We are privileged with highly experienced team ofAnalysts, Researchers and Consultants, who use proprietary data sources and various tools and techniques togather, and analyze information. Our business offerings represent the latest and the most reliable informationindispensable for businesses to sustain a competitive edge.Contact:ResearchMoz90 State Street,Suite 700,Albany NY - 12207United StatesTel: +1-518-618-1030USA - Canada Toll Free 866-997-4948Email: sales@researchmoz.usBlog: http://researchmoz.blogspot.com/Website: http://www.researchmoz.us/Personal and Stakeholder Pensions - UK - March 2013