UK Self-Invested Personal Pensions 2018
Summary
"UK Self-Invested Personal Pensions 2018", report uses ABI data to explore how the size and distribution of the SIPP market is changing over time in premiums and contracts, and explains trends in relation to regulation. It discusses attitudes and behavior in how consumers manage their SIPPs, as well highlighting the top five players in the market, reporting market share, and NPS scores, in addition to discussing their propositions. It concludes by exploring how the SIPP market will change in size over the next five years and how technology such as robo-advice will disrupt the market.
The UK SIPP market was worth £2.4bn in APE in 2017, up 59.5% from 2016 as a total of insured and non-insured new business premiums according to the Association of British Insurers (ABI). The market is thriving as consumers continue to transfer from defined benefit pensions and consolidate their pension pots into a SIPP, in order to take advantage of pension freedoms. However, the market is suffering from large numbers of customer complaints. They surround due diligence failings, where customers have been investing in inappropriate non-standard funds, as well as unregulated firms and introducers. Scandal has also surrounded inappropriate defined benefit transfers. It seems the market may be on the cusp of undergoing a tighter regulatory regime following new capital adequacy requirements in 2016.
Scope
Reasons to buy
Summary
"UK Self-Invested Personal Pensions 2018", report uses ABI data to explore how the size and distribution of the SIPP market is changing over time in premiums and contracts, and explains trends in relation to regulation. It discusses attitudes and behavior in how consumers manage their SIPPs, as well highlighting the top five players in the market, reporting market share, and NPS scores, in addition to discussing their propositions. It concludes by exploring how the SIPP market will change in size over the next five years and how technology such as robo-advice will disrupt the market.
The UK SIPP market was worth £2.4bn in APE in 2017, up 59.5% from 2016 as a total of insured and non-insured new business premiums according to the Association of British Insurers (ABI). The market is thriving as consumers continue to transfer from defined benefit pensions and consolidate their pension pots into a SIPP, in order to take advantage of pension freedoms. However, the market is suffering from large numbers of customer complaints. They surround due diligence failings, where customers have been investing in inappropriate non-standard funds, as well as unregulated firms and introducers. Scandal has also surrounded inappropriate defined benefit transfers. It seems the market may be on the cusp of undergoing a tighter regulatory regime following new capital adequacy requirements in 2016.
Scope
- Alliance Trust is the leading SIPP provider, with 12.9% of respondents from the author’s 2017 UK Life & Pensions Survey stating they hold their SIPP with the investment trust.
- The majority of customers prefer to go online to access their SIPP account.
- Individuals take out SIPPs because they want a wider choice of investments.
Reasons to buy
- Understand how the SIPP market is changing in size and distribution, and how regulation is impacting the market.
- Gain innovative insight into how robo-advice and technology will disrupt the SIPP market.
- Understand consumer attitudes and behaviors towards managing their SIPPs.
Table of Contents
- Executive Summary
- Market Dynamics
- The Competitive Landscape
- Customer Attitudes & Behavior
- The Market Going Forward
- Appendix
