• The report provides market analysis, information and insights into the UK pension insurance business.
• Provides a snapshot of the market's size and segmentation.
• It analyzes drivers and the outlook for the market.
• It provides information on distribution channels for pension products in the UK.
• Deals, news and regulatory developments.
• Detailed analysis of competitive landscape and pension scheme types.
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The defined contribution (DC) pensions market recorded a growth of 9.0% in terms of new business premiums in 2010, expanding at 5.6% and 7.7% respectively during 2011 and 2012. The growth was attributed to the declining membership of private-sector occupational defined benefit (DB) schemes, improving stock market returns and labor market conditions, as well as a rise in the minimum pension age and the state pension age (SPA).
New business premiums paid into individual and workplace pension DC schemes declined by 11.7% in 2008, dropping further by 17.9% in 2009. The recession severely damaged the ability of individuals to save for retirement. Employers were further discouraged to make contributions on behalf of their employees as they recorded a contraction in their finances. High charges eroding the value of pension pots and low annuity rates continued to serve as disincentives to save into a pension. The DC pensions market remained resilient, however, posting a compound annual growth rate (CAGR) of 0.45% during the review period (2008 and 2012).
The market faced opposing dynamics as individual personal pensions new business declined at a CAGR of 6.1% between 2008 and 2012, whereas new business premiums paid into workplace DC pensions schemes grew at a CAGR of 7.7% over the same period. The growth in workplace pensions was attributed to the increased popularity of group personal (or contract-based) pensions (GPPs), far less onerous to run than occupational (trust-based) schemes.
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• This report provides a comprehensive analysis of the UK pensions market.
• It provides historical values for the UK pensions market for the report’s 2008–2012 review period and forecast figures for the 2013–2017 forecast period.
• It offers estimates of new business premiums paid into individual and workplace pension defined contribution (DC) schemes.
• It analyses the key features of individual and workplace pensions.
• It provides an overview of market dynamics and market drivers.
• It discusses various distribution channels for pension products in the UK.
• It profiles top pension providers in the UK and outlines the key regulatory changes affecting them.
Reasons to buy
• Gain an understanding of the UK pensions market size.
• Explore the market dynamics across individual and workplace pension categories.
• Learn about the performance of market drivers and distribution channels.
• Understand the competitive landscape and key pensions propositions.
• Find out more about key deals and recent developments in the market.
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• Pensions market shows signs of recovery despite continued economic uncertainty.
• The market is set for growth as auto-enrolment rolls out to include smaller employers.
• Advisers are best placed to support SMEs through auto-enrolment.
• Pension providers may face an auto-enrolment capacity crunch.
• Premium growth is expected to settle at 2.5% by 2017.
Table of contents
1 Executive Summary
Table of Contents
List of Figures
List of Tables
2.1 What is this Report About?
2.4 Market Size
2.4.1 Individual personal pensions (IPPs), new business premiums
2.4.2 Workplace pensions, new business premiums
2.5 Membership of Personal Pension Schemes
2.6 Active Members of Occupational Pension Schemes
2.6.1 Active membership of occupational pension schemes, by sector and benefit structure
2.6.2 Active membership of occupational pension schemes, by status and benefit structure
2.7 Workplace Pension Scheme Membership
2.7.1 Employees with DB and DC workplace pensions, by size of employer
2.7.2 Employee membership of a workplace pension, by contracted out status
2.8 Contribution Rates in Private Sector Occupational DB and DC Schemes
2.9 Market Drivers
2.10 Market Outlook
2.11 Distribution Channels
3 Competitive Landscape
3.1 Best Performers of 2012
3.2 Pension Insurance – SWOT Analysis
4 Porter’s Five Forces Analysis
4.1 Bargaining Power of Suppliers: High
4.2 Bargaining Power of Buyers: Medium to High
4.3 Barriers to Entry: Medium
4.4 Intensity of Rivalry: High
4.5 Threat of Substitutes: Medium
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