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Personal and Stakeholder Pensions - UK - March 2009

After several years of solid growth the personal pension market, along with most of the financial services industry, has experienced a slowdown in 2008. Naturally, the current economic environment is a major contributing factor to the recent slowdown. Many people are focusing on more immediate issues such as paying down debt or preparing for the prospect of unemployment, rather than saving for retirement. Other more persistent issues, however, such as negative publicity, frequent regulatory changes, as well as consumer apathy or a preference for alternative investments, have also been holding the market back.

On the other hand, although near term prospects remain challenging, longer term economic and demographic trends are much more favourable for the personal pension industry. The UK population is ageing rapidly and considerable improvements in longevity mean that people will increasingly be spending more time in retirement. Furthermore, just as people are finding they will need to save more money to ensure a comfortable retirement, there has been a progressive decline in both state and occupational pension provision. As a result, more of the burden of saving for retirement has been placed on the individuals themselves – which means demand for personal pension products should rise over the long term.

This report presents an overview of the key issues facing the individual personal pension market in the UK. In addition to examining the wider economic, demographic and regulatory environment, the report details the value of new business and takes a look at the competitive landscape. The report also highlights market strengths and weaknesses and identifies potential market opportunities and threats. The final section of the report presents the findings of Mintel’s exclusive consumer research survey. Here the reader is provided with valuable insight into the attitudes and behaviours of UK consumers towards personal pensions.

Key issues

  • Difficult economic conditions have hurt demand for individual pension products in the past year.

  • Lack of affordability, as well as unawareness, apathy and distrust of pension’s industry are additional factors currently holding the market back.

  • Some consumers prefer to save for retirement outside of a pension.

  • The launch of Personal Accounts in 2012 poses a competitive threat at the lower end of the market.

  • Products such as SIPPs are difficult for consumers to understand and only appeal to a narrow slice of the population.

  • The RDR as well as the TCF initiative are likely to have an impact on future pension product design and could make selling personal pensions more difficult in the near term.

  • Longer term demographic and social trends are encouraging (i.e. a gradually older and more affluent population, declining occupational and state pension provision, increased job mobility).

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Table of contents

  1. Issues in the Market

      • Key issues
        • Market background and definitions
          • Pension based retirement planning
            • Figure 1: Types of private pension provision in the UK
          • Occupational schemes
            • Individual pensions
              • Group pensions
                • Benefit structures
                  • Alternatively secured pensions
                    • Other definitions
                      • A-day
                        • Abbreviations
                        • Future Opportunities

                          • Reality check could lead to greater personal pension participation
                            • The Lost Generation could mean ‘Lost business’ for the pension industry
                              • Many could be better off shifting extra retirement savings into a pension
                                • Opportunities for pension consolidation still exists
                                  • A case for e-pensions?
                                  • Market in Brief

                                    • New business down in 2008
                                      • Figure 2: New APE* individual pension premiums, by product type, 2003-08
                                    • Demographic and economic drivers
                                      • Intended financial activity levels favourable to pensions business
                                        • Figure 3: Intended life and pensions activity, Q3/Q4 2002-Q4 200/Q1 2009
                                      • Internal market environment
                                        • Most new personal pension business generated through IFAs
                                          • Figure 4: New APE* premiums into individual pensions, by type of pension and distribution channel, 2008
                                        • Lloyds (Scottish Widows) tops market share table
                                          • Key consumer research findings
                                            • Pension product ownership
                                              • Value and length of pension contributions
                                                • Attitudes towards saving in a pension
                                                • Internal Market Environment

                                                  • Key points
                                                    • The decline of occupational pension provision…
                                                      • Figure 5: Status of private and public sector schemes, 2007
                                                    • … means more people will need to arrange their own pension
                                                      • Personal Accounts set to arrive in 2012…
                                                        • … with a number of potential effects
                                                          • Affordability holds back many from investing in a pension
                                                            • Figure 6: Reasons for not saving, June 2008
                                                          • Indifference also holding the market back
                                                            • Psychological barriers also exist
                                                              • Past mis-steps have also discouraged greater pension uptake
                                                                • FSA alleges that thousands may have been given wrong pension advice
                                                                  • Difficult-to-understand products make getting advice essential
                                                                    • Regulatory developments
                                                                      • The Retail Distribution Review
                                                                        • Clarity of services – independent advice vs sales advice
                                                                          • Customer agreed remuneration (CAR)
                                                                            • Raising professional standards for advisers
                                                                              • Treating Customers Fairly initiative
                                                                                • Industry reaction to TCF
                                                                                  • Money Guidance service – for generic advice
                                                                                    • Protected rights funds now eligible for full SIPP investment
                                                                                    • Broader Market Environment

                                                                                      • Key points
                                                                                        • Improvements in longevity mean longer retirements
                                                                                          • Figure 7: Cohort life expectancy at age 60, by gender, 1981-2054
                                                                                        • More retirement years but less money to fund them
                                                                                          • Figure 8: Average gross weekly income of pensioner units*, by age, 2006/07
                                                                                        • Old age dependency ratio will continue to rise
                                                                                          • Figure 9: Projected size of the UK population, by age band, 2008-46
                                                                                        • Over 8 out of 10 people above 50 still saving for retirement
                                                                                          • An increasing number of people will be working beyond retirement age
                                                                                            • Figure 10: UK Economic activity, by gender and age, 2002-10
                                                                                          • Increased job mobility and lifestyle changes
                                                                                            • Saving likely to be difficult for many in the near term
                                                                                              • Poor stock market performance hurting confidence in pension saving
                                                                                                • Inflationary pressure on pensions return and retirement income
                                                                                                • Consumer Context

                                                                                                  • Key points
                                                                                                    • Saving and investment intentions on the rise
                                                                                                      • Figure 11: Savings, investment, borrowing and debt repayment – consumers’ expected activity, December 2007-December 2008
                                                                                                    • Over-65s to significantly increase financial activity levels
                                                                                                      • Figure 12: Expected financial activity, by socio-demographic and income groups, December 2008 and average for the last 27 quarters
                                                                                                    • Prospects for life and pension products improving
                                                                                                      • Figure 13: Intended life and pensions* activity, Q3/Q4 2002-Q4 200/Q1 2009
                                                                                                    • Low equity investor sentiment
                                                                                                      • Figure 14: Intended purchases of shares and equity-based unit trusts, government and corporate bonds and bond-based unit trusts and sales of equities and unit trusts, Q3/Q4 2002-Q4/Q1 2009
                                                                                                      • Figure 15: Intended cash-based activities, Q3/Q4 2002-Q4/Q1 2009
                                                                                                  • Competitive Context

                                                                                                    • Key points
                                                                                                      • Consumers have many options when saving for retirement
                                                                                                        • Figure 16: Summary of retirement funding strategies
                                                                                                      • Workplace pension products are the direct competitors
                                                                                                        • Traditional occupational pension provision in decline
                                                                                                          • Figure 17: Number of private sector occupational pension schemes in the UK, by scheme size, 2002-07
                                                                                                        • Group pension and company stakeholder business has been brisk
                                                                                                          • Figure 18: New GPP and company-sponsored stakeholder pension premiums, 2003-08
                                                                                                        • Personal accounts a competitive threat
                                                                                                          • Non-pension alternatives
                                                                                                          • Strengths and Weaknesses in the Market

                                                                                                              • Figure 19: Market for individual personal pensions – SWOT analysis, 2009
                                                                                                          • Who’s Innovating?

                                                                                                            • Key points
                                                                                                              • Barclays introduces Stakeholder-SIPP hybrid
                                                                                                                • Aviva’s controlyourpension.com puts savers in the drivers seat
                                                                                                                  • Most innovation taking place within the SIPP segment of the market
                                                                                                                    • Standard Life’s FundZone now available through SIPP offering
                                                                                                                      • AJ Bell – SIPPcentre
                                                                                                                        • Suffolk Life – MasterSIPP
                                                                                                                          • James Hay takes an innovative approach to e-marketing during a crisis
                                                                                                                          • Trade Perspective

                                                                                                                              • Property downturn has been good for business
                                                                                                                                • But not much new money has been going into pensions
                                                                                                                                  • Personal pension contribution levels
                                                                                                                                    • Challenges facing the industry
                                                                                                                                      • Consumer apathy
                                                                                                                                        • Need to make pensions compulsory
                                                                                                                                          • Negative perceptions of pensions
                                                                                                                                            • More fund choice needed for personal and stakeholder pensions
                                                                                                                                              • Issues around RDR and NPSS
                                                                                                                                                • Theories on the credit crunch
                                                                                                                                                  • Opinions on Absolute Return Funds
                                                                                                                                                    • Online pensions not likely to take off
                                                                                                                                                    • Market Size and Forecast

                                                                                                                                                      • Key points
                                                                                                                                                        • New business suffers in 2008
                                                                                                                                                          • Figure 20: New individual pension premiums, by product type, 2003-08
                                                                                                                                                        • New SIPP and GPP business has been driving the market forward
                                                                                                                                                          • Lacklustre growth in existing business
                                                                                                                                                            • Figure 21: Total number of policies and regular premiums from individual pensions business in force, by pension type, 2003-07
                                                                                                                                                          • Market forecast
                                                                                                                                                            • Prospects challenging over the near term
                                                                                                                                                              • Figure 22: Forecast of new APE* premiums into individual personal pensions**, 2003-13
                                                                                                                                                            • But there is some hope over the longer term
                                                                                                                                                              • Factors used in the forecast
                                                                                                                                                              • Market Share

                                                                                                                                                                • Key points
                                                                                                                                                                  • Lloyds takes top spot and AEGON falls out of the top five
                                                                                                                                                                    • Figure 23: Ranking of individual pension providers, based on UK gross written premium, 2006 and 2007
                                                                                                                                                                  • Acquisitions have moved Swiss Re and Deutsche Bank up the table
                                                                                                                                                                    • Top occupational pension providers also active in personal pensions
                                                                                                                                                                    • Companies and Products

                                                                                                                                                                      • Key individual pension product providers
                                                                                                                                                                        • Scottish Widows (Lloyds Banking Group)
                                                                                                                                                                          • Aviva plc (formerly Norwich Union)
                                                                                                                                                                            • Standard Life
                                                                                                                                                                              • AXA (AXA Life)
                                                                                                                                                                                • AEGON (Scottish Equitable)
                                                                                                                                                                                  • Key players in retail banking advice market
                                                                                                                                                                                    • Barclays Financial Planning
                                                                                                                                                                                      • Lloyds Banking Group plc/Scottish Widows
                                                                                                                                                                                      • Brand Elements

                                                                                                                                                                                          • Brand map
                                                                                                                                                                                            • Figure 24: Attitudes towards and usage of pension brands, February 2009
                                                                                                                                                                                          • Scottish Widows
                                                                                                                                                                                            • What the brand is trying to achieve
                                                                                                                                                                                              • What the consumer thinks
                                                                                                                                                                                                • Figure 25: Attitudes towards the Scottish Widows brand, February 2009
                                                                                                                                                                                              • Standard Life
                                                                                                                                                                                                • What the brand is trying to achieve
                                                                                                                                                                                                  • What the consumer thinks
                                                                                                                                                                                                    • Figure 26: Attitudes towards the Standard Life brand, February 2009
                                                                                                                                                                                                  • Aviva
                                                                                                                                                                                                    • What the brand is trying to achieve
                                                                                                                                                                                                      • What the consumer thinks
                                                                                                                                                                                                        • Figure 27: Attitudes towards the Aviva brand, February 2009
                                                                                                                                                                                                      • Prudential
                                                                                                                                                                                                        • What the brand is trying to achieve
                                                                                                                                                                                                          • What the consumer thinks
                                                                                                                                                                                                            • Figure 28: Attitudes towards the Prudential brand, February 2009
                                                                                                                                                                                                          • AXA
                                                                                                                                                                                                            • What the brand is trying to achieve
                                                                                                                                                                                                              • What the consumer thinks
                                                                                                                                                                                                                • Figure 29: Attitudes towards the AXA brand, February 2009
                                                                                                                                                                                                              • Brand qualities of pension brands
                                                                                                                                                                                                                • Scottish Widows most dependable
                                                                                                                                                                                                                  • Figure 30: Personalities of various pension brands, February 2009
                                                                                                                                                                                                                • Experience of pension brands
                                                                                                                                                                                                                  • Aviva most experienced
                                                                                                                                                                                                                    • Figure 31: Consumer usage of various pension brands, February 2009
                                                                                                                                                                                                                  • Brand intentions for pension brands
                                                                                                                                                                                                                    • Aviva has best customer retention
                                                                                                                                                                                                                      • Figure 32: Consideration of various pension brands, February 2009
                                                                                                                                                                                                                    • Brand momentum for pension brands
                                                                                                                                                                                                                      • Aviva and AXA gaining ground
                                                                                                                                                                                                                        • Figure 33: Momentum of various pension brands, February 2009
                                                                                                                                                                                                                      • Brand motivation for pension brands
                                                                                                                                                                                                                        • Scottish Widows preferred for personal pensions
                                                                                                                                                                                                                          • Figure 34: Motivation for choosing various pension brands, February 2009
                                                                                                                                                                                                                        • Brand satisfaction for pension brands
                                                                                                                                                                                                                          • AXA most excellent, Scottish Life least satisfying
                                                                                                                                                                                                                            • Figure 35: Satisfaction with various pension brands, February 2009
                                                                                                                                                                                                                          • Brand commitment to pension brands
                                                                                                                                                                                                                            • Scottish Widows, Legal & General most recommended
                                                                                                                                                                                                                              • Figure 36: Commitment to various pension brands, February 2009
                                                                                                                                                                                                                            • Round up
                                                                                                                                                                                                                            • Brand Communication and Promotion

                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                • Pensions-related adspend up 41% over the past year
                                                                                                                                                                                                                                  • Figure 37: Pensions category advertising expenditure, by sub-category, year to December 2004-08
                                                                                                                                                                                                                                • Top ten provider adspend reaches a five-year high
                                                                                                                                                                                                                                  • Figure 38: Advertising expenditure by the top ten pensions advertisers, year to December 2004-08
                                                                                                                                                                                                                                • TV makes up 40% of total advertising adspend in 2008
                                                                                                                                                                                                                                  • Figure 39: Overview of media type used to advertise pensions-related products, year to December 2007-08
                                                                                                                                                                                                                              • Channels to Market

                                                                                                                                                                                                                                • Key points
                                                                                                                                                                                                                                  • Most new personal pension business driven by IFAs
                                                                                                                                                                                                                                    • EBCs are active in group pension sales
                                                                                                                                                                                                                                      • In 2008 four in five new individual pensions sales are via IFAs
                                                                                                                                                                                                                                        • Figure 40: New APE* premiums into individual pensions, by distribution channel, 2003-08
                                                                                                                                                                                                                                      • Individual pension distribution – Detailed breakdown
                                                                                                                                                                                                                                        • Tied agents have gained a greater share of personal pensions business
                                                                                                                                                                                                                                          • Figure 41: Proportional distribution of new APE* premiums into personal pensions, by distribution channel, 2003-08
                                                                                                                                                                                                                                        • IFAs play a key role in GPP distribution
                                                                                                                                                                                                                                          • Figure 42: Proportional distribution of new APE* premiums into GPPs, by distribution channel, 2003-08
                                                                                                                                                                                                                                        • Bancassurance plays a key role in individual stakeholder distribution
                                                                                                                                                                                                                                          • Figure 43: Proportional distribution of new APE* premiums into individual stakeholder pensions, by distribution channel, 2003-08
                                                                                                                                                                                                                                        • Most company-sponsored stakeholder pensions sold through IFAs
                                                                                                                                                                                                                                          • Figure 44: Proportional distribution of new APE* premiums into company sponsored stakeholder pensions, by distribution channel, 2003-08
                                                                                                                                                                                                                                        • IFAs generated 89% of new SIPP business in 2008
                                                                                                                                                                                                                                          • Figure 45: Proportional distribution of new APE* premiums into SIPPs, by distribution channel, 2003-08
                                                                                                                                                                                                                                      • The Consumer – Pension Product Ownership

                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                          • One in seven saving in an personal pension
                                                                                                                                                                                                                                              • Figure 46: Ownership of pension products, by type, January 2009
                                                                                                                                                                                                                                            • Multiple pension ownership = opportunity for consolidation
                                                                                                                                                                                                                                              • Figure 47: Ownership of pension products and retirement savings – cross-analysis, January 2009
                                                                                                                                                                                                                                            • Personal pension ownership peaks at the third age lifestage
                                                                                                                                                                                                                                              • Figure 48: Type of pension owned, by gender, age, lifestage and marital status, January 2009
                                                                                                                                                                                                                                            • Personal pension ownership skewed toward the affluent
                                                                                                                                                                                                                                              • Figure 49: Type of pension owned, by socio-economic group, working status, gross annual household income, TV region and household tenure, January 2009
                                                                                                                                                                                                                                            • Opportunity to move supplemental savings into a pension
                                                                                                                                                                                                                                              • Pension ownership and media and technology usage
                                                                                                                                                                                                                                                • Figure 50: Type of pension owned. by daily newspaper readership, technology usage, internet usage frequency and web usage, January 2009
                                                                                                                                                                                                                                            • The Consumer – Value and Length of Pension Contributions

                                                                                                                                                                                                                                              • Key points
                                                                                                                                                                                                                                                • Over one in seven paying in £300 or more into a personal pension
                                                                                                                                                                                                                                                    • Figure 51: Monthly pension contributions, by type of pension, January 2009
                                                                                                                                                                                                                                                  • Value of contributions tend to rise with age
                                                                                                                                                                                                                                                    • Figure 52: Monthly pension contributions by gender, age, lifestage and marital status, January 2009
                                                                                                                                                                                                                                                  • As expected wealthy contribute most to pension pots
                                                                                                                                                                                                                                                    • Figure 53: Monthly pension contributions by socio-economic group, working status, gross annual household income, TV region and household tenure, January 2009
                                                                                                                                                                                                                                                  • 44% of those with a mortgage contributing £100 a month or more
                                                                                                                                                                                                                                                    • Media and technology usage and pension contribution levels
                                                                                                                                                                                                                                                      • Figure 54: Monthly pension contributions by daily newspaper readership, technology usage, internet usage frequency and web usage, January 2009
                                                                                                                                                                                                                                                    • A case for online pensions?
                                                                                                                                                                                                                                                      • 58% of personal pension holders contributing for over ten years
                                                                                                                                                                                                                                                          • Figure 55: Number of years making pension contributions, by type of pension, January 2009
                                                                                                                                                                                                                                                        • Contributing more and for longer
                                                                                                                                                                                                                                                          • Figure 56: Number of years making pension contributions, by value of contributions, January 2009
                                                                                                                                                                                                                                                        • Some have left pension savings dangerously late
                                                                                                                                                                                                                                                          • Figure 57: Number of years making pension contributions, by age, January 2009
                                                                                                                                                                                                                                                        • Affluent have been contributing the longest
                                                                                                                                                                                                                                                          • Figure 58: Number of years making pension contributions, by gross annual household income, January 2009
                                                                                                                                                                                                                                                      • The Consumer – Attitudes Towards Saving in a Pension

                                                                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                                                                          • A quarter still believe that pensions are the best way to save for retirement
                                                                                                                                                                                                                                                            • Figure 59: Attitudes towards pension-based savings, January 2009
                                                                                                                                                                                                                                                          • Younger consumers waiting for the economy to improve
                                                                                                                                                                                                                                                            • Figure 60: Attitudes towards pension based savings, by gender, age, lifestage and marital status, January 2009
                                                                                                                                                                                                                                                          • Wealthy most likely to view pension saving in a favourable light
                                                                                                                                                                                                                                                            • Figure 61: Attitudes towards pension based savings, by socio-economic group, working status, gross annual household income, TV region and household tenure, January 2009
                                                                                                                                                                                                                                                          • Media and technology usage and opinions on pensions
                                                                                                                                                                                                                                                            • Figure 62: Attitudes towards pension based savings, by daily newspaper readership, technology usage, internet usage frequency and web usage, January 2009
                                                                                                                                                                                                                                                        • The Consumer – Further Analysis

                                                                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                                                                            • High earners the primary personal pension target group
                                                                                                                                                                                                                                                              • Figure 63: Primary pension product target groups
                                                                                                                                                                                                                                                            • Consumer confusion?
                                                                                                                                                                                                                                                              • Figure 64: Type of pension savings by number of products held
                                                                                                                                                                                                                                                            • Over a quarter of high-earners holding multiple pension products
                                                                                                                                                                                                                                                              • Figure 65: Number of pension products held by gender, age, socio-economic group, and gross annual household income
                                                                                                                                                                                                                                                            • Key target groups
                                                                                                                                                                                                                                                              • Figure 66: Pension savings attitudinal groups, January 2009
                                                                                                                                                                                                                                                            • Reluctant (38% of sample)
                                                                                                                                                                                                                                                              • Company led (24% of sample)
                                                                                                                                                                                                                                                                • Clued-up (10% of sample)
                                                                                                                                                                                                                                                                  • Apathetic (29% of sample)
                                                                                                                                                                                                                                                                    • Clued-up most likely to own a personal pension
                                                                                                                                                                                                                                                                      • Figure 67: Pension savings attitudinal groups by pension product ownership, January 2009
                                                                                                                                                                                                                                                                    • Clued-up most like to have more than one product
                                                                                                                                                                                                                                                                      • Figure 68: Pension savings attitudinal groups by number or products owned, January 2009
                                                                                                                                                                                                                                                                    • Clued-up the biggest contributors
                                                                                                                                                                                                                                                                      • Figure 69: Pension savings attitudinal groups by value of contributions, January 2009
                                                                                                                                                                                                                                                                    • Attitudinal groups and length of contributions
                                                                                                                                                                                                                                                                      • Figure 70: Pension savings attitudinal groups by lengthen of contributions, January 2009
                                                                                                                                                                                                                                                                    • Clued-up and Company led come from affluent backgrounds
                                                                                                                                                                                                                                                                      • Figure 71: Pension savings attitudinal groups by gender, age, socio-economic groups, lifestage, and gross annual household income, January 2009
                                                                                                                                                                                                                                                                  • Appendix – The Consumer: Value and Length of Pension Contributions

                                                                                                                                                                                                                                                                      • Figure 72: Number of years making pension contributions, by gender, age, lifestage and marital status, January 2009
                                                                                                                                                                                                                                                                      • Figure 73: Number of years making pension contributions by socio-economic group, working status, gross annual household income, TV region and household tenure, January 2009
                                                                                                                                                                                                                                                                      • Figure 74: Number of years making pension contributions by daily newspaper readership, technology usage, internet usage frequency and web usage, January 2009

                                                                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                                                                  • A J Bell Limited
                                                                                                                                                                                                                                                                  • Abbey
                                                                                                                                                                                                                                                                  • Aegon UK
                                                                                                                                                                                                                                                                  • Alliance & Leicester
                                                                                                                                                                                                                                                                  • Association of British Insurers
                                                                                                                                                                                                                                                                  • Association of Consulting Actuaries
                                                                                                                                                                                                                                                                  • Automobile Association (AA)
                                                                                                                                                                                                                                                                  • Aviva Plc
                                                                                                                                                                                                                                                                  • AWD Holdings
                                                                                                                                                                                                                                                                  • AXA PPP healthcare
                                                                                                                                                                                                                                                                  • AXA UK plc
                                                                                                                                                                                                                                                                  • Bank of England
                                                                                                                                                                                                                                                                  • Barclays Bank plc
                                                                                                                                                                                                                                                                  • Bright Grey
                                                                                                                                                                                                                                                                  • Britannic Group Plc
                                                                                                                                                                                                                                                                  • British Sky Broadcasting Group plc (BSkyB)
                                                                                                                                                                                                                                                                  • Canada Life Limited
                                                                                                                                                                                                                                                                  • Carbon Trust
                                                                                                                                                                                                                                                                  • Century Life Assurance Company
                                                                                                                                                                                                                                                                  • CGU
                                                                                                                                                                                                                                                                  • Chase De Vere Financial Solutions plc
                                                                                                                                                                                                                                                                  • Clerical Medical Investment Group Ltd
                                                                                                                                                                                                                                                                  • Co-operative Insurance Society Ltd
                                                                                                                                                                                                                                                                  • Council of Mortgage Lenders
                                                                                                                                                                                                                                                                  • Department for Work and Pensions
                                                                                                                                                                                                                                                                  • Destini Financial Services Group
                                                                                                                                                                                                                                                                  • Deutsche Bank AG
                                                                                                                                                                                                                                                                  • Equitable Life Assurance Society (The)
                                                                                                                                                                                                                                                                  • F&C Management Limited
                                                                                                                                                                                                                                                                  • Fidelity Investment Services Limited
                                                                                                                                                                                                                                                                  • Financial Services Authority (The)
                                                                                                                                                                                                                                                                  • Freeview
                                                                                                                                                                                                                                                                  • Friends Provident plc
                                                                                                                                                                                                                                                                  • Goldman Sachs Group, Inc., The
                                                                                                                                                                                                                                                                  • Government Actuary's Department (GAD)
                                                                                                                                                                                                                                                                  • Halifax Mortgage Services
                                                                                                                                                                                                                                                                  • Hargreaves Lansdown Plc
                                                                                                                                                                                                                                                                  • HBOS plc (Halifax Bank of Scotland)
                                                                                                                                                                                                                                                                  • HSBC Holdings plc
                                                                                                                                                                                                                                                                  • James Hay Pension Trustees Limited
                                                                                                                                                                                                                                                                  • John Gilbert Financial Research
                                                                                                                                                                                                                                                                  • Jupiter Asset Management Limited
                                                                                                                                                                                                                                                                  • La Mutuelle Du Mans Assurance
                                                                                                                                                                                                                                                                  • Legal & General Group PLC
                                                                                                                                                                                                                                                                  • Lehman Brothers [UK]
                                                                                                                                                                                                                                                                  • Lloyds Banking Group
                                                                                                                                                                                                                                                                  • Market & Opinion Research International (MORI)
                                                                                                                                                                                                                                                                  • National Association of Pension Funds
                                                                                                                                                                                                                                                                  • National Savings & Investments
                                                                                                                                                                                                                                                                  • Nationwide Building Society
                                                                                                                                                                                                                                                                  • Norwich Union
                                                                                                                                                                                                                                                                  • Office for National Statistics
                                                                                                                                                                                                                                                                  • Old Mutual plc
                                                                                                                                                                                                                                                                  • Pensions Commission
                                                                                                                                                                                                                                                                  • Phoenix Equity Partners
                                                                                                                                                                                                                                                                  • Positive Solutions
                                                                                                                                                                                                                                                                  • Prudential plc
                                                                                                                                                                                                                                                                  • Royal London Mutual Insurance Society
                                                                                                                                                                                                                                                                  • Schroders plc
                                                                                                                                                                                                                                                                  • Scottish Equitable
                                                                                                                                                                                                                                                                  • Scottish Life
                                                                                                                                                                                                                                                                  • Scottish Widows Bank plc
                                                                                                                                                                                                                                                                  • Skandia UK
                                                                                                                                                                                                                                                                  • St James’s Place Capital Plc
                                                                                                                                                                                                                                                                  • Standard Life Assurance Company
                                                                                                                                                                                                                                                                  • Standard Life Bank Limited
                                                                                                                                                                                                                                                                  • Standard Life Investments
                                                                                                                                                                                                                                                                  • Suffolk Life
                                                                                                                                                                                                                                                                  • Swiss Re
                                                                                                                                                                                                                                                                  • Windsor Life Assurance Co Ltd
                                                                                                                                                                                                                                                                  • Winterthur Life UK Limited
                                                                                                                                                                                                                                                                  • Zurich Financial Services

                                                                                                                                                                                                                                                                  Personal and Stakeholder Pensions - UK - March 2009

                                                                                                                                                                                                                                                                  £1,995.00 (Excl.Tax)