DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/5bjt68/pension_insurance) has announced the addition of the "Pension Insurance in the UK, Key Trends and Opportunities to 2017" report to their offering.
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.
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.
Key Topics Covered
- Executive Summary
- Introduction
- Competitive Landscape
- Porter's Five Forces Analysis
- Deals and News
- Regulation and Compliance
- Economic Backdrop
- Company Profiles
- Statistics
- Appendix
Companies Mentioned
- Aegon UK
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Aviva
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Legal and General
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Lloyds Banking
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Old Mutual
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Prudential
- Royal London
- St James's Place UK
- Standard Life
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Zurich Financial Services
For more information visit http://www.researchandmarkets.com/research/5bjt68/pension_insurance
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