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Pensions: Compulsion - Survey Series
Datamonitor, Nov 2003, Pages: 70
This report focuses on the response of the mass market to the theme of compulsion, investigating its likely acceptability to the general public, and what the key elements of a compulsory pensions scenario would have to be in order to prove popular with the mass market. Survey data is harnessed and fully analyzed culminating in key recommendations for life and pensions providers.
Scope of this report:
- 1000 mass market consumers were polled by NOP in an exclusive survey. The results are analyzed by various socio-economic attributes.
- Those with existing pension provision and who therefore have the most understanding of the pensions issue are polled on the prospect of compulsion.
- The key elements of non-UK schemes have been posed as options for a UK scheme, and the results placed under scrutiny here.
Report Hightlights:
- This report identifies clear target markets for pensions in the UK. Whereas 60% of those in Wales saw compulsory pensions as welcome and necessary, the figure was below 20% in the North.
- Interestingly, the AB social class was the most in favor of a guaranteed pension fund, despite warnings that it may cut back on performance. The attractiveness of this idea increases directly with social class, so that the DEs are least in favor of a guarantee.
- Broadly, the preference for a higher 10% contribution rate increases as consumers get older, reflecting the increasing affluence and the increasing urgency of taking pensions in hand as consumers age.
Key Reasons to Buy this Report:
1. This report gives Life and Pensions providers an insight into how a compulsory pension scenario would develop, allowing them to maximize profits.
2. The granular understanding of key market segments this proprietary study affords is invaluable for gaining competitive advantage.
3. The insights from this report are a key weapon in the industry armory to lobby the government for action on compulsory pensions.
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