Welcome!

News Feed Item

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

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

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

http://www.reportbuyer.com/banking_finance/pensions/pension_insurance_uk_key_trends_opportunities_2017.html

Synopsis

• 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.

Summary

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.

Scope

• 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

http://www.reportbuyer.com/banking_finance/pensions/pension_insurance_uk_key_trends_opportunities_2017.html

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]  
Tel: +44 208 816 85 48
Website: www.reportbuyer.com

SOURCE ReportBuyer

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, presented an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He then expounded on the industry issues he frequently came up against as an analyst, and ...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Given the popularity of the containers, further investment in the telco/cable industry is needed to transition existing VM-based solutions to containerized cloud native deployments. The networking architecture of the solution isolates the network traffic into different network planes (e.g., management, control, and media). This naturally makes support for multiple interfaces in container orchestration engines an indispensable requirement.