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Pensions Market Report 2013 Product Image

Pensions Market Report 2013

  • Published: January 2013
  • Region: United Kingdom
  • 298 Pages
  • Key Note Publications Ltd

In 2011, there were 12.2 million people of pensionable age, accounting for 19.4% of the total population; this is compared to 6.8 million people of pensionable age accounting for 13.6% of the population in 1951. It is clear that the UK’s population has begun to age rapidly since the middle of the last century, as better medical care and the development of the welfare state have allowed for longer lives. Between 2002 and 2010 alone, the number of people in the UK aged over 90 increased by 22.6%.

By 2035, the pensionable population is projected to be 15.6 million, accounting for 21.3% of the total population. The largest increase of all the age ranges will be in the over-85s category, which is set to see an increase of 115% between 2015 and 2035.

Those of 85 and over are entering what has been deemed the ‘Fourth Age’, with the Third Age having begun at retirement and lasting to approximately 84. Retirement planning, for those of the population who have planned for retirement — an ever decreasing proportion — is generally focused on the ‘Third Age’, when retirees are still able to be relatively active and independent. Pension planning READ MORE >

Pensions 2013
Foreword
Executive Summary
Introduction

REPORT OVERVIEW

DEFINITIONS
Strategic Overview

ECONOMIC TRENDS
Population
Life Expectancy

GOVERNMENT SPENDING ON PENSIONERS

NUMBER OF PEOPLE SAVING FOR PRIVATE OR OCCUPATIONAL PENSIONS

RATE OF SAVING
How Much Can People Afford to Save?
Pension Inflows

PENSIONERS' INCOMES

DISTRIBUTION
Individual Pensions
Occupational Pensions
Retirement Income Products

COMPETITIVE STRUCTURE

PENSIONS REFORM
Automatic Enrolment
Pensions Act
Finance Act
Age Discrimination

RETAIL DISTRIBUTION REVIEW

SOLVENCY II
The State Pension

INTRODUCTION

STATE PENSION AND OTHER GOVERNMENT PROVISIONS
Basic State Pension
Non-Contributory State Pension and Benefits
Second State Pensions
Means Testing

STATE PENSION REFORM
The End of Contracting Out
Changes to S2P Payments
The Budget: A Flat-Rate Pension?
Autumn Statement
Personal Pensions

INTRODUCTION
Allowance Limits

MARKET SIZE
Income from Personal Pensions
Occupational Pensions

BACKGROUND
Defined Benefit Versus Defined Contribution

MARKET SIZE
By Benefit Structure
Private-Sector Contributions
Income from Occupational Pensions

THE PENSION PROTECTION FUND
Annuities

BACKGROUND
EU Gender Directive

INCOME OPTIONS
Secured Income
Income Drawdown: Flexible Versus Capped

ANNUITY CHOICES
Standard Annuity
Enhanced and Impaired-Life Annuities
Investment-Linked Annuity

MARKET SIZE
By Size of Fund
By Age
Preparing for the Fourth Age

HEALTHY LIFE EXPECTANCY

DECLINE OF INSURANCE TO PAY FOR CARE
Advertising

BACKGROUND

MAIN MEDIA ADVERTISING EXPENDITURE
An International Perspective

HIGH DEPENDENCY RATIOS IN EUROPE

NUMBER OF PENSION FUNDS
In Selected OECD Countries
In Selected Non-OECD Countries

DEFINED BENEFIT OR DEFINED CONTRIBUTION?

INVESTMENT IN PENSION FUNDS

OECD Countries
Selected Non-OECD Countries

EXPENDITURE: PUBLIC VS PRIVATE

PEST Analysis

POLITICAL
The Budget

ECONOMIC
Quantitative Easing

UK Deficit

SOCIAL
Longevity
The Jobs Market

TECHNOLOGICAL
Consumer Dynamics

INTRODUCTION

ANALYSIS OF RESULTS
S1: "Recent Government Policy, Which Will See Pensioners Lose the Higher Personal Income Tax Allowance They Were Previously Entitled To and Could Cause Pensioners To Lose Money in Taxes, Is Unfair"
S2: "I Cannot Afford to Save More Than I Do Currently"
S3: "Automatic Enrolment in Workplace Pension Schemes Will Benefit UK Pensions Provision"
S4: "Pensions Confuse Me"
S5: "Low Interest Rates Discourage Me From Saving"
S6: "People Working Longer to Make Sufficient Provisions for Retirement Are a Contributing Factor to the Current Level of Youth Unemployment"
S7: "It Is Right to Increase the State Pension Age Because People Are Living Longer and the UK Is in Debt"
S8: "The Future Is Too Unpredictable to Make Retirement Saving Worthwhile"
S9: "I Am Certain I Will Have Sufficient Income in My Retirement to Live Comfortably"
S10: "Automatic Enrolment in Workplace Pension Schemes Will Benefit Me"
S11: "Family Members Should Take a Greater Proportion of the Financial Burden of Caring for the Old and the Infirm"
S12: "The Complexity of UK Pensions Policy Deters Me From Contributing to a Pension"
S13: "I Think the Retirement Age for Women Should Be Lower Than That of Men"
S14: "I Have Not Currently Planned Any Way to Fund My Retirement"
S15: "Workers on the Average Wage Can Afford to Save Enough for a Comfortable Retirement"
S16: "I Have Made Financial Provisions (i.e. by Purchasing Long-Term Care Insurance) for the Possibility That I Will Need Residential Care in My Old Age"
S17: "I Will Rely on the Release of Equity in My Property to Fund My Retirement"
Competitor Analysis

INTRODUCTION
Less Choice

AEGON
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

AVIVA PLC
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

AXA GROUP
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

BARCLAYS
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

CANADA LIFE
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

EQUITABLE LIFE
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

FRIENDS LIFE
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

HSBC
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

JUST RETIREMENT GROUP
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

KEY RETIREMENT SOLUTIONS
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

LEGAL and GENERAL
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

LV= (LIVERPOOL VICTORIA)
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

LLOYDS BANKING GROUP
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

NATIONAL FARMERS UNION MUTUAL
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

PHOENIX GROUP HOLDINGS
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

PRUDENTIAL
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

REASSURE
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

ROYAL LONDON MUTUAL
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

STANDARD LIFE
Corporate Strategy
Product and Brand Development
Profitability
Future Developments

ZURICH FINANCIAL SERVICES GROUP
Corporate Strategy
Product and Brand Development
Profitability
Future Developments
The Future

ECONOMIC FORECASTS
Population

PROJECTED GOVERNMENT EXPENDITURE ON STATE PENSION AND RELATED BENEFITS
The Future of Pensioners' Benefits: Means Testing?

THE FUTURE OF OCCUPATIONAL PENSIONS
Automatic Enrolment

ANNUITY RATES

ALTERNATE RETIREMENT INCOMES

CONCLUSION
Further Sources
Associations
Publications
General Sources
Government Publications
Other Sources
Key Note Sources
Key Note Ltd
Understanding Consumer Survey Data
Number, Profile, Penetration
Social Grade
Standard Region

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