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CHAPTER 1 INTRODUCTION What is this report about? Who is the target reader? How to use this report - Compulsion has returned to the national agenda - Amicus has called for compulsion - Surveys of MPs come out in favour of compulsion - The public and business remain opposed - Andrew Smith has voiced his opposition Compulsion worldwide - Australia - The Netherlands - Germany - Chile - Sweden If contributions from your pay into your pension became compulsory, how would you see this? - Pension ownership - Location - Domicile - Social class - Sex - Income - Age - The total picture And if you were forced to contribute into a pension from your pay, which of these if any would you like to see? - Pension status - Location - Domicile - Income - Social class - Age - Sex - The total picture Implications for life and pensions providers Next steps CHAPTER 2 APPENDIX If contributions from your pay into your pension became compulsory, how would you view this? And if you were forced to contribute into a pension from your pay, which of these, if any, would you like to see? Definitions - General life and pensions terms Single premium Annual premium Annual premium equivalent (APE) - Pensions Personal pensions Group personal pensions Free-standing AVCs Defined benefit schemes Defined contribution schemes Executive pension plans Self Invested Personal Plan (SIPP) Annuities Income drawdown Employer Sponsored Stakeholders (ESSH) Executive Pension Plans (EPPs) Small Self-Administered Schemes (SSAS) Trustee Investment Plans (TIPs) Section 32 Buyouts Funded Unapproved Retirement Benefit Schemes (FURBS) Bulk Buy-Outs - Distribution channels Bancassurance Independent Financial Advisors (IFAs) Direct salesforces Direct marketing Telesales Tied agents Other - Social class Definitions - Region definitions Research methodology Future readings SPP writing team How to contact experts in your industry LIST OF TABLES Table 1: If contributions from your pay into your pension became compulsory, how would you view this? Total Table 2: If contributions from your pay into your pension became compulsory, how would you view this? Sex Table 3: If contributions from your pay into your pension became compulsory, how would you view this? Age Table 4: If contributions from your pay into your pension became compulsory, how would you view this? Class Table 5: If contributions from your pay into your pension became compulsory, how would you view this? Residence Table 6: If contributions from your pay into your pension became compulsory, how would you view this? (1) Location Table 7: If contributions from your pay into your pension became compulsory, how would you view this? (2) Location Table 8: If contributions from your pay into your pension became compulsory, how would you view this? (1) Gross annual household income Table 9: If contributions from your pay into your pension became compulsory, how would you view this? (2) Gross annual household income Table 10: If contributions from your pay into your pension became compulsory, how would you view this? Pension status Table 11: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Total Table 12: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Sex Table 13: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Age Table 14: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Class Table 15: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Residence Table 16: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (1) Location Table 17: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (2) Location Table 18: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (1) Gross annual household income Table 19: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (2) Gross annual household income Table 20: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (3) Gross annual household income Table 21: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Pension status LIST OF FIGURES Figure 1: Those with company and stakeholder pensions make compulsion most welcome, pension status Figure 2: Those in Wales and Yorks and Humber were the most enthusiastic about compulsory pensions, location Figure 3: Regions divided: The north finds compulsory pensions unnecessary, while Yorks and Humber are strongly in favor Figure 4: Those renting or living in local authority accommodation are more skeptical of compulsion, residence Figure 5: The higher social classes show themselves as being more in favor of compulsion, class Figure 6: Male pension holders are more in favor of compulsion than their female counterparts, sex Figure 7: Those with the lowest earnings are far more inclined to see compulsion as another tax, total household income Figure 8: Workers between 25 and 34 years old with pensions are keen for compulsion to be introduced, age Figure 9: 71% of those with existing pensions arrangements see compulsion as a necessity, total Figure 10: Those with stakeholder pensions are most keen on pre-retirement pensions access Figure 11: People from Scotland are keen for a relatively low compulsory contribution rate Figure 12: Those owning their own house are the strongest in favour of a high compulsory pension contribution Figure 13: The wealthiest are most in favour of guaranteed and high pension contributions Figure 14: AB consumers show a strong interest relative to other classes in guaranteed pensions Figure 15: 25-34 year olds insist on access to their pension before they retire Figure 16: Men are more bullish on the percentage of salary to be contributed into a pension than women are Figure 17: Access to your pension before retirement comes out on top of what people would like to see in a compulsory pension Figure 18: The UK compulsion roadmap - what the survey recommends for the government to implement