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United Kingdom (UK) Pensions Market Size, Trends, Competitive Landscape and Forecasts, 2022-2026

Publisher GlobalData
Published Oct 19, 2022
Length 54 Pages
SKU # GBDT17531763

Description

United Kingdom (UK) Pensions Market Size, Trends, Competitive Landscape and Forecasts, 2022-2026

Summary

This report explores how consumers’ attitudes and behaviors towards long-term saving, planning for retirement, and accessing private pensions are changing as a result of the COVID-19 pandemic and economic uncertainty. The report provides current and historical data on the size of the market by product type, covering individual pensions, workplace pensions, and trust-based pensions. Data on common retirement products (annuities and income drawdowns) is also provided, while the size of the pensions market has been forecast to 2026.

In 2021, the UK pensions market rebounded, increasing by 8.4% to GBP13.9 billion in annual premium equivalent (APE). The majority of pension types saw growth, led by master trusts with an increase of 37.4%. Workplace pensions (which make up the majority of all pensions) experienced the second-largest growth (+13.5%) due to a declining unemployment rate and increasing workplace pension enrollment. In addition, as the COVID-19 furlough scheme came to an end, pension contributions were calculated using employees’ regular wage, rather than their reduced wage.

Scope
  • For a reasonable standard of living in retirement, single individuals need to supplement the state pension by around GBP12,000 a year. The gender gap in pensions is highlighted by the fact that women need larger pension pots than men do for the same retirement income due to longer life expectancies.
  • 56.8% of the people who participated in GlobalData’s 2022 Life and Pensions Survey paid at least 6% of their salary in pension contributions during the previous month - more than the minimum required by employees (5%).
  • 57.3% of all pension pots are entirely withdrawn at first access. 9.6% of over 55s mentioned they had withdrawn money from their private pensions, of which just 39.4% received financial advice before doing so.
Reasons to Buy
  • Examine the size of the pensions market
  • Discover how individuals save towards retirement
  • Learn how individuals access their private pensions for the first time
  • Understand trends in the income drawdown and annuities segments
  • Explore the gender gap in pensions
  • Understand the impact of the cost-of-living crisis on the market, sentiment, and customer behavior

Table of Contents

54 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • Upon reaching the SPA, the majority of individuals retire
    • The state pension is not enough to support a comfortable lifestyle
    • The rising cost of living is impacting retirement income for both non-retirees and retirees
    • Savings into pensions bounced back following a fall in 2020
    • BlackRock and Rothesay Life lead the pensions market
    • Other market developments
    • Due to AE, more individuals are contributing to their workplace pensions
    • Pension pot characteristics and saving attitudes
    • Many people over 55 making pension withdrawals are endangering their long-term savings
    • Accessing pensions for the first time
    • Income drawdowns and annuities
    • Retirees have confidence in their retirement funds
    • Abbreviations and acronyms
    • Definitions
    • Methodology
    • Secondary sources
    • Further reading
  • About GlobalData
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