Dublin, Oct. 19, 2020 (GLOBE NEWSWIRE) — The “United Kingdom (UK) Pre-Retirement Pensions Market 2020” report has been added to ResearchAndMarkets.com’s providing.
The report offers present and historic knowledge on the dimensions of the market by product sort – masking particular person pensions, office pensions, and trust-based pensions – and distribution channel. The dimensions of the pensions market has been forecast to 2024.
The full UK pensions market grew 16.1% to 16.4bn annual premium equal (APE) in 2019. Office pensions drove development as minimal pension contributions elevated to eight%. Direct profit to direct contribution transfers proceed as corporations de-risk and people benefit from pension freedoms. COVID-19 will carry uncertainty to saving for retirement.
The UK economic system has formally entered into recession and disposable incomes are set to fall as unemployment rises. It will power many people to quickly cease making pension contributions as they reduce non-essential spending. The UK pensions market is projected to contract in the beginning of the forecast interval earlier than returning to development.
This report examines how the pensions market is altering as customers are inspired to avoid wasting in private pensions whereas state pension funding is underneath stress. It discusses the affect of auto-enrollment on saving, in addition to different regulatory adjustments. The report explores customers’ attitudes in the direction of planning for retirement, examines how engaged they’re with their pensions, and identifies how they entry monetary recommendation on their investments. It additionally discusses how shopper consciousness round pensions can enhance with technological developments.
- A notable 16.7% of people have no idea how a lot their pension is value. Of those that do, over half said that their important pension pot is value lower than 30,000.
- Ladies have significantly smaller pension pots than males and their state pension is decrease.
- 30.1% don’t register to make use of their pension supplier’s web site, whereas an extra 12.5% have registered however by no means used it.
Causes to Purchase
- Study the dimensions of the pensions market.
- Study latest market developments and upcoming regulatory adjustments.
- Uncover how customers are saving in the direction of retirement.
- Perceive shopper engagement with their pensions.
- Study concerning the affect of COVID-19 on pensions.
Key Subjects Coated:
1. Govt Abstract
1.1. COVID-19 will trigger uncertainty within the pensions house
1.2. Key findings
1.3. Crucial success elements
2. The State Pension
2.1. The UK inhabitants is growing old, squeezing the state pension
2.2. The state pension is inadequate and funding is underneath stress
2.3. Virtually half ofindividuals retire upon reaching the SPA
2.4. People imagine the state pension will assist fund their retirement
3. The Non-public Pension Market Dimension and Aggressive Panorama
3.1. Office pensions make up the biggest share of the market
3.2. Royal London and Rothesay Life lead the marketplace for pensions
4. Developments in Saving for Retirement
4.1. Auto-enrollment has boosted particular person pension financial savings
4.2. There was a shift away from DB schemes
4.3. Pension pot traits and saving attitudes
4.4. The affect of COVID-19 on shopper attitudes in the direction of pensions
5. Pensions Engagementand Recommendation
5.1. A considerable proportion of people don’t obtain monetary recommendation on their pension plans
5.2. Prospects are hardly ever actively engaged with their retirement saving
5.3. Open finance and pensions dashboards can improvepension consciousness and engagement
5.4. Bettering consciousness of pension revenue nearer to retirement is one other space of focus
Firms Talked about
- Lloyds Banking Group
- Phoenix Group Holdings
- Zurich Monetary Companies
- Rothesay Life
- Royal London
- Pension Insurance coverage Company (PIC)
- Simply Group
- Canada Life
- Threadneedle Pensions
- Starling Financial institution
- Cash Dashboard
For extra details about this report go to https://www.researchandmarkets.com/r/w8tcno
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