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Crossing the Ocean: Lifetime Retirement Income Guarantees Find a Market in the United Kingdom

Published by: TowerGroup

Published: Mar. 17, 2008 - 10 Pages


Table of Contents


Report Coverage

The UK "Pension Crisis"

Exhibit 1 UK Population Age Demographics (2007)

UK Annuity Market

Exhibit 2 UK Vested Pension Options (2008)

Annuities in the United States: A Misnomer

Exhibit 3 US Variable Annuity Separate Account Filings by Year (1995-2010P)

Bringing US-Style Retirement Income Guarantees Overseas

Exhibit 4 Guaranteed Living Benefit: Design Risks (2008)

The Insurers' Map for Success in the United Kingdom

Exhibit 5 UK Investment Product Sales by Direct/Intermediary Channels (2007)

Summary

Abstract

People in the United Kingdom are living longer and retiring earlier, putting state pension plans on shaky financial ground. An estimated 13 million people (21% of the population) are over age 60, and 13% more will reach 60 in the next 20 years. The UK government has instituted pension reforms in recent years to encourage consumers to take a more active role in saving for their retirement. Capitalizing on this new opportunity, a number of multinational life and annuity insurance providers have brought US-style annuities with lifetime retirement income guarantees to UK consumers. This TowerGroup Note examines the challenges of developing this new market and gaining consumer adoption.

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