DUBLIN--(BUSINESS WIRE)--The "The UK Post-Retirement Pensions Market 2019" report has been added to ResearchAndMarkets.com's offering.
This report looks into the UK post-retirement pensions market, exploring how it has been affected by an aging population and recent changes to the laws governing pensions. It also looks at consumers' attitudes and behaviors regarding advice and transfers from defined benefit to defined contribution pensions, among other topics. The report leverages findings from our 2019 UK Life & Pensions Survey.
With an aging population, the number of individuals in retirement continues to grow year on year. However, the market faces many challenges, including a low-paying state pension and, for many, inadequate pension pots. Pension saving is improving thanks to auto-enrollment, although the benefits of this will largely be felt by younger generations. The pension freedoms have also brought significant changes to the way individuals access pensions.
Full withdrawals are now commonplace - especially for low-value pots - while income drawdown is the preferred option for higher-value pension plans. This is all set against a context of relatively limited uptake of financial advice, in part due to the costs involved. Robo-advice may be one solution to provide low-cost advice, while government initiatives may also succeed in boosting consumer engagement and confidence in retirement saving.
Scope
- Auto-enrollment is boosting workplace pensions, with 2018 annual premium equivalent growing by 22% on 2017. Two thirds of individuals in their 20s have started a pension through auto-enrollment, compared to 30% of those in their 50s.
- 61.1% of retired individuals state their lifestyle is as expected in retirement, while 18.2% state it is better than expected. The majority of these will have retired before the pension freedoms were introduced.
- Financial advisors state that retirement is the number one prompt to seek financial advice, but uptake is varied. For example, 62% of full pensions withdrawals are made with no advice or guidance.
Reasons to buy
- Understand the impact of recent legislation on consumer behaviors in the at- and post-retirement market.
- Explore how consumers are funding their retirement.
- Discover how technology and robo-advice can be used to encourage individuals to save for retirement.
- Learn about consumers' attitudes towards defined benefit pension transfers.
Key Topics Covered:
1. EXECUTIVE SUMMARY
1.1. The post-retirement pensions market is ever growing and increasingly complex
1.2. Key findings
1.3. Critical success factors
2. THE POST-RETIREMENT PENSIONS MARKET IN CONTEXT
2.1. The size of the at- and post-retirement market is growing, presenting an opportunity for providers and advisors
2.2. The state pension is limited and funding is under increasing pressure
2.3. Private pension pots remain low, but auto-enrollment is helping to improve the situation in the long term
2.4. The impact of the pension freedoms is better understood, and the FCA is introducing regulations to improve retirement outcomes
2.5. Beyond retirement outcomes, DB to DC transfers are dominating the regulatory agenda
3. TRENDS IN FUNDING RETIREMENT
3.1. Pensions are the bedrock of retirement funding plans
3.2. A small proportion of over 55s choose to defer their pensions and benefit from extra growth
3.3. Retired individuals have confidence in their retirement funds
4. FINANCIAL ADVICE IN THE POST-RETIREMENT MARKET
4.1. Retirement is a key driver for individuals to seek financial advice, but uptake is mixed
4.2. Robo-advice presents one option for retirees looking for a low-cost investment option
4.3. The government wants to improve engagement with retirement saving
Companies Mentioned
- Evalue
- Wealth Wizards
- Nutmeg
- Scalable Capital
- HSBC
- NatWest
- Santander
- Aviva
- Canada Life
- Hodge Lifetime
- Scottish Widows
For more information about this report visit https://www.researchandmarkets.com/r/mp87yf
