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Pension Insurance in the UK, Key Trends and Opportunities to 2017

LONDON, April 22, 2014 /PRNewswire/ -- has added a new market research report:

Pension Insurance in the UK, Key Trends and Opportunities to 2017


• The report provides market analysis, information and insights into the UK pension insurance business.
• Provides a snapshot of the market's size and segmentation.
• It analyzes drivers and the outlook for the market.
• It provides information on distribution channels for pension products in the UK.
• Deals, news and regulatory developments.
• Detailed analysis of competitive landscape and pension scheme types.


The defined contribution (DC) pensions market recorded a growth of 9.0% in terms of new business premiums in 2010, expanding at 5.6% and 7.7% respectively during 2011 and 2012. The growth was attributed to the declining membership of private-sector occupational defined benefit (DB) schemes, improving stock market returns and labor market conditions, as well as a rise in the minimum pension age and the state pension age (SPA).

New business premiums paid into individual and workplace pension DC schemes declined by 11.7% in 2008, dropping further by 17.9% in 2009. The recession severely damaged the ability of individuals to save for retirement. Employers were further discouraged to make contributions on behalf of their employees as they recorded a contraction in their finances. High charges eroding the value of pension pots and low annuity rates continued to serve as disincentives to save into a pension. The DC pensions market remained resilient, however, posting a compound annual growth rate (CAGR) of 0.45% during the review period (2008 and 2012).

The market faced opposing dynamics as individual personal pensions new business declined at a CAGR of 6.1% between 2008 and 2012, whereas new business premiums paid into workplace DC pensions schemes grew at a CAGR of 7.7% over the same period. The growth in workplace pensions was attributed to the increased popularity of group personal (or contract-based) pensions (GPPs), far less onerous to run than occupational (trust-based) schemes.


• This report provides a comprehensive analysis of the UK pensions market.
• It provides historical values for the UK pensions market for the report's 2008–2012 review period and forecast figures for the 2013–2017 forecast period.
• It offers estimates of new business premiums paid into individual and workplace pension defined contribution (DC) schemes.
• It analyses the key features of individual and workplace pensions.
• It provides an overview of market dynamics and market drivers.
• It discusses various distribution channels for pension products in the UK.
• It profiles top pension providers in the UK and outlines the key regulatory changes affecting them.

Reasons To Buy

• Gain an understanding of the UK pensions market size.
• Explore the market dynamics across individual and workplace pension categories.
• Learn about the performance of market drivers and distribution channels.
• Understand the competitive landscape and key pensions propositions.
• Find out more about key deals and recent developments in the market.

Key Highlights

• Pensions market shows signs of recovery despite continued economic uncertainty.
• The market is set for growth as auto-enrolment rolls out to include smaller employers.
• Advisers are best placed to support SMEs through auto-enrolment.
• Pension providers may face an auto-enrolment capacity crunch.
• Premium growth is expected to settle at 2.5% by 2017.

Table of Contents
1 Executive Summary
Table of Contents

List of Figures

List of Tables

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
2.4 Market Size
2.4.1 Individual personal pensions (IPPs), new business premiums
2.4.2 Workplace pensions, new business premiums
2.5 Membership of Personal Pension Schemes
2.6 Active Members of Occupational Pension Schemes
2.6.1 Active membership of occupational pension schemes, by sector and benefit structure
2.6.2 Active membership of occupational pension schemes, by status and benefit structure
2.7 Workplace Pension Scheme Membership
2.7.1 Employees with DB and DC workplace pensions, by size of employer
2.7.2 Employee membership of a workplace pension, by contracted out status
2.8 Contribution Rates in Private Sector Occupational DB and DC Schemes
2.9 Market Drivers
2.10 Market Outlook
2.11 Distribution Channels
3 Competitive Landscape
3.1 Best Performers of 2012
3.2 Pension Insurance – SWOT Analysis
4 Porter's Five Forces Analysis
4.1 Bargaining Power of Suppliers: High
4.2 Bargaining Power of Buyers: Medium to High
4.3 Barriers to Entry: Medium
4.4 Intensity of Rivalry: High
4.5 Threat of Substitutes: Medium
5 Deals and News
5.1 Webb to Lift Small Pot Pension Restrictions Sooner
5.2 Friends Life Launches Auto-Enrolment Master Trust
5.3 Pension Fees Cap Delayed for "at Least" a Year
5.4 Standard Life Launches Auto-Enrolment SME Offering for Advisers
5.5 State Pension Age to Rise to 68 Earlier
5.6 Legal & General Passes 500,000 Automatic Enrolments
5.7 Standard Life Welcomes Pension Cap Consultation
5.8 Aegon Launches Auto-Enrolment Investment Range
5.9 Scottish Widows Eyes Money Back Guarantee Options
5.10 Zurich Launches Auto-Enrolment Default Fund
6 Regulation and Compliance
6.1 Regulation of Private Pension Schemes in the UK
6.2 Regulatory Changes
6.2.1 Risk selection by gender has been outlawed
6.2.2 Retail Distribution Review
6.2.3 Minimum pension age increased in April 2010
6.2.4 Compulsory retirement age at age 65 abolished
6.2.5 New flat-rate (single-tier) state pension will be introduced from April 2016
6.2.6 Pension annual and lifetime allowance will be reduced from April 2014
6.2.7 Automatic enrolment and NEST
6.2.8 Pension charges cap
6.2.9 Active member discounts (AMDs)
6.2.10 Ban on short-service refunds
6.2.11 Automatic transfer of small pension pots ('pot-follows-member')
6.2.12 Defined ambition (DA) proposals
6.2.13 Solvency II
7 Economic Backdrop
7.1 Real GDP Growth
7.2 Demographics
7.2.1 Aging population
7.2.2 The old age dependency ratio
7.3 Labor market trends
7.3.1 Employment and unemployment rates, 1971 – 2013
7.3.2 Employment rates by age group, 1992–2013
7.3.3 Average age of withdrawal from the labor market by sex, 1984–2012
7.3.4 Average earnings and consumer prices annual growth rates
7.3.5 National Association of Pension Funds (NAPF) Pensions Confidence Index
7.4 GDP per Capita and Household Disposable Income
8 Company Profiles
8.1 Aegon UK Plc
8.1.1 Aegon UK Plc – key facts
8.1.2 Aegon UK Plc – main products
8.1.3 Aegon UK Plc – main competitors
8.1.4 Aegon UK Plc – key employees
8.2 Aviva Plc – Company Overview
8.2.1 Aviva Plc – key facts
8.2.2 Aviva Plc – main products
8.2.3 Aviva Plc – main competitors
8.2.4 Aviva Plc – key employees
8.3 Legal and General Group – Company Overview
8.3.1 Legal and General Group – key facts
8.3.2 Legal and General Group – main products
8.3.3 Legal and General Group – main competitors
8.3.4 Legal and General Group – key employees
8.4 Lloyds Banking Group – Company Overview
8.4.1 Lloyds Banking Group – key facts
8.4.2 Lloyds Banking Group – main products
8.4.3 Lloyds Banking Group – main competitors
8.4.4 Lloyds Banking Group – key employees
8.5 Old Mutual Plc – Company Overview
8.5.1 Old Mutual Plc – key facts
8.5.2 Old Mutual Plc – main products
8.5.3 Old Mutual Plc – main competitors
8.5.4 Old Mutual Plc – key employees
8.6 Prudential Plc – Company Overview
8.6.1 Prudential Plc – key facts
8.6.2 Prudential Plc – main products
8.6.3 Prudential Plc – main competitors
8.6.4 Prudential Plc – key employees
8.7 Royal London Group – Company Overview
8.7.1 Royal London Group – key facts
8.7.2 Royal London Group – main products
8.7.3 Royal London Group – main competitors
8.7.4 Royal London Group – key employees
8.8 St James's Place UK Plc – Company Overview
8.8.1 St James's Place UK Plc – key facts
8.8.2 St James's Place UK Plc – main products
8.8.3 St James's Place UK Plc – main competitors
8.8.4 St James's Place UK Plc – key employees
8.9 Standard Life Plc – Company Overview
8.9.1 Standard Life Plc – key facts
8.9.2 Standard Life Plc – main products
8.9.3 Standard Life Plc – main competitors
8.9.4 Standard Life Plc – key employees
8.10 Zurich Financial Services Ltd – Company Overview
8.10.1 Zurich Financial Services Ltd – key facts
8.10.2 Zurich Financial Services Ltd – main products
8.10.3 Zurich Financial Services Ltd – main competitors
8.10.4 Zurich Financial Services Ltd – key employees
9 Statistics
9.1 Review Period
9.2 Forecast Period
10 Appendix
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric's Services
10.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: UK Active Members of Occupational Pension Schemes, by Sector and Benefit Structure (Millions), 1995–2012
Table 3: Pension Insurance – SWOT Analysis
Table 4: UK Auto-Enrolment Staging Dates, by Size of Employer, 2012?2018
Table 5: UK Minimum Contribution Levels under Auto-Enrolment (Percentage of Qualifying Earnings), 2012?2018
Table 6: Aegon UK Plc, Key Facts
Table 7: Aegon UK Plc, Main Products
Table 8: Aegon UK Plc, Key Employees
Table 9: Aviva Plc, Key Facts
Table 10: Aviva Plc, Main Products
Table 11: Aviva Plc, Key Employees
Table 12: Legal and General Group, Key Facts
Table 13: Legal and General Group, Main Products
Table 14: Legal and General Group, Key Employees
Table 15: Lloyds Banking Group, Key Facts
Table 16: Lloyds Banking Group, Main Products
Table 17: Lloyds Banking Group, Key Employees
Table 18: Old Mutual Plc, Key Facts
Table 19: Old Mutual Plc, Main Products
Table 20: Old Mutual Plc, Key Employees
Table 21: Prudential Plc, Key Facts
Table 22: Prudential Plc, Main Products
Table 23: Prudential Plc, Key Employees
Table 24: Royal London Group, Key Facts
Table 25: Royal London Group, Main Products
Table 26: Royal London Group, Key Employees
Table 27: St James's Place UK Plc, Key Facts
Table 28: St James's Place UK Plc, Main Products
Table 29: St James's Place UK Plc, Key Employees
Table 30: Standard Life Plc, Key Facts
Table 31: Standard Life Plc, Main Products
Table 32: Standard Life Plc, Key Employees
Table 33: Zurich Financial Services Ltd, Key Facts
Table 34: Zurich Financial Services Ltd, Main Products
Table 35: Zurich Financial Services Ltd, Key Employees
Table 36: UK Pension Insurance – New Business Premiums (GBP Million), 2008–2012
Table 37: UK Pension Insurance – New Business Premiums (GBP Million), 2013–2017

List of Figures

Figure 1: UK Pension Insurance, Total New Business Premiums (GBP Million), 2008–2012
Figure 2: UK Individual Personal Pensions, New Business Premiums (GBP Million), 2008–2012
Figure 3: UK Workplace Pensions, New Business Premiums (GBP Million), 2008–2012
Figure 4: UK Number of Individuals Contributing to Personal Pensions (Millions), 2001/2002–2011/2012
Figure 5: UK Active Membership of Occupational Pension Schemes (Millions), 1983–2012
Figure 6: UK Active Members of Private Sector Occupational Pension Schemes, by Status and Benefit Structure (Millions), 2006?2012
Figure 7: UK Active Members of Open and Closed Defined Benefit Pension Schemes (Millions), 1995?2012
Figure 8: UK Employee Membership of a Workplace Pension, by Type of Pension (%), 1997?2012
Figure 9: UK Employees with a Defined Benefit Workplace Pension by Size of Employer (%), 1997?2012
Figure 10: UK Employees with a Defined Contribution Workplace Pension: by Size of Employer (%), 1997?2012
Figure 11: UK Employee Membership of a Workplace Pension, by Contracted Out Status (%), 1997?2012
Figure 12: UK Weighted-Average Contribution Rates to Private Sector Occupational Pension Schemes by Benefit Structure and Contributor (%), 2011–2012
Figure 13: UK New Business Premiums for UK Pension Insurance (GBP Million), 2013–2017
Figure 14: UK Type of Selling Firm Across Pension Products (Thousands), April 2011 to March 2012
Figure 15: UK Number of Retail Investment Advisers (Thousand), Actual End 2012 and 2013
Figure 16: UK Top 10 Pension Providers Based on Total New Business Premium (%), 2012
Figure 17: The UK's Insurance Regulatory Framework
Figure 18: UK Regulation of Private Pension Schemes
Figure 19: UK Real GDP (Million) and Quarter-on-Quarter Growth (%), 2007–2013
Figure 20: UK Growing and Aging Population (Annual Change), 1995–2012
Figure 21: UK Population Aged Over 65 (%), 2008–2017
Figure 22: UK Overall Life Expectancy (Years), 1995–2017
Figure 23: UK Old Age Dependency Ratio (Ratio per 1,000 People of Working Age), 1971?2051
Figure 24: UK Employment and Unemployment Rates (%), 1971–2013
Figure 25: UK Employment Rates by Age Group (%), 1992–2013
Figure 26: UK Average Age of Withdrawal from the Labor Market by Sex (Years), 1984–2012
Figure 27: UK Average Earnings and Consumer Prices Annual Growth Rates (%), 2008?2013
Figure 28: UK NAPF Confidence Index, 2008?2013
Figure 29: UK Improving Living Standards (GBP Thousand), 1997–2011

Read the full report:
Pension Insurance in the UK, Key Trends and Opportunities to 2017

For more information:
Sarah Smith
Research Advisor at
Email: [email protected]  
Tel: +44 208 816 85 48

SOURCE ReportBuyer

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