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Group SIPPS - towards a more engaging and flexible pensions market?

Published by: Datamonitor

Published: Jan. 31, 2008 - 24 Pages


Table of Contents


DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS
The UK pensions market is comprised of individual and group pensions
The UK pensions market is undergoing continuing reform
Key aspects of UK pensions market reform
A-day reforms targeted the upper end of pension investors
Further reforms to the UK pensions market are needed to engage the mass market
Personal Accounts (National Pension Savings Scheme) are seen by some as the future of UK state pension provision
The UK group pensions market is at the core of the reforms
Group Personal Pensions (GPPs) have historically formed the core of the group pension market
Employer Sponsored Stakeholder Pensions (ESSs) were set up in 2001 in an attempt to encourage savings
Group Self-Invested Personal Pensions (Group SIPPs) are a new group pension product wrapper into which a wide range of investments can be placed
A range of products is available within the Group SIPP wrapper:
Some products remain prohibited within the Group SIPP wrapper:
Group SIPP new business is forecast to dominate the group pensions market by 2011
The Group SIPP will dominate the group pensions market as it is a flexible and engaging product
What is a Group SIPP and how does it differ from a SIPP?
The Group SIPP market offers members a flexible and engaging product, with a range of investment options tailored to suit the different needs of members.
A Group SIPP is an individual SIPP product grouped together for efficiency
Key questions exist over the viability of the Group SIPP
As a group product, SIPPs offer the possibility for some members to opt for greater investment flexibility and others more vanilla investments
There remain differences of opinion in the industry about the Group SIPP product
Industry views of a Group SIPP proposition depend on the provider's existing market
The prospective success of a Group SIPP offering depends on the provider's existing market
The market for Group SIPPs is expanding to include a wide range of employment offerings
How the Group SIPPs market is operating
The Group SIPP market is developing to encompass a wider range of employees
Group SIPP offerings are growing in popularity
The fee structure for Group SIPP offerings is developing to be inclusive for a larger number of clients
Developing the market for Group SIPPs is dependent on technology, communications and education
Enhanced technology and communications tools, greater flexibility and education to drive engagement regarding pension savings, are key to the success of the Group SIPP product.
Technology and communications are pivotal in the development of the Group SIPP market
The distribution and marketing of Group SIPPs requires co-operation between employers and providers
Education is key for a well-functioning workplace Group SIPP
Towards a more simplified future UK pension market?
APPENDIX
Supplementary data
Definitions
Single premium policy
Regular premium
New business
Life based savings products
In-specie contribution
Pension product definitions
Personal Pensions
Stakeholder Pensions
Group personal pensions
DSS Rebates
Employer Sponsored Stakeholder pension (ESS)
SIPPs (Self Invested Personal Pensions)
ABI definitions of distribution channels
Independent Financial Advisors (IFAs)
Direct sales forces
Tied agents
Multi-tied agents
Bancassurance
Direct marketing
Telesales
Other
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: Historic data for new business premiums for group pensions, £m APE, 2002-2006
Table 2: Forecast data for new business premiums for group pensions, £m APE, 2007-2011
Table 3: Forecast data for new business premiums for individual pensions, £m APE, 2007-2011
Table 4: Historic data for new business premiums for individual pensions, £m APE, 2002-2006
List of Figures
Figure 1: Overview of the UK Pension Market
Figure 2: Group personal pensions dominate the UK group pensions market, 2002-2006
Figure 3: Group SIPP new business is forecast to dominate the group pensions market by 2011
Figure 4: SIPP new business is forecast to dominate the individual pensions market by 2011
Figure 5: Towards a more simplified future UK pension market?
Figure 6: Personal pensions make up just under half of individual new pensions business in 2006


Abstract

Introduction

Significant reforms are occurring within the group pensions market. Do these changes offer the possibility for a more engaging and flexible pensions market, leading to increased voluntary pension savings?

Scope

The report covers the group pensions market, focusing on the Group SIPP employment offering. Extensive in-depth interviews were conducted with leading players in the market to ascertain the way the market is operating. Datamonitor's insights for the future of Group SIPPs are based on legislative reforms, and changes in technology, communications and education.

Highlights

The Group SIPP market has undergone significant growth in 2007, with many investors attracted by the increased flexibility and self-investment feature of a SIPP product. This growth has been enabled by providers offering SIPP products in the workplace, on a small and large scale. The Group SIPP is structured in a way that means it is a good supplementary pensions savings scheme to the basic Personal Account provision which is due to be introduced in 2011. Legislative reforms, enhancements in technology and communications are key drivers in the Group SIPP product evolving into a large scheme proposition. Education is key for a well-functioning Group SIPP and providers are actively educating potential clients so that they may make informed decisions about their pensions savings products.

Reasons to Purchase

Offers unique insight from experts in the pensions market regarding legislative and other changes that are driving the market for Group SIPPs. Provides details of how the Group SIPP is currently operating as an all-employee offering, and estimates its future growth. Provides information to assist providers of Group SIPP sustain market share & those thinking of entering the market develop their propositions.


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