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Retirement Planning - Ireland - September 2011

  • Additional Voluntary Contributions (AVCs)
  • Annuity
  • Approved Retirement Fund (ARF
  • Basic State Pension
  • Buy-to-let mortgages
  • Cash investment
  • Corporate bonds
  • Defined Benefit (DB)
  • Defined Contribution (DC)
  • Equities
  • Fixed-term deposit accounts
  • Government bonds
  • Group pensions
  • Hybrid scheme
  • Individual pensions
  • Individual Savings Account (ISA)
  • Occupational schemes
  • Personal Retirement Savings Account (PRSA)
  • Special Savings Incentive Account (SSIA)
  • Stakeholder Pension Scheme
  • Rental yield
  • Tax relief

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Table of contents

  1. Issues in the Market

      • Key themes of the report
        • Definition
          • Abbreviations
          • Insights and Opportunities

            • Educating and promoting
              • Identify with the consumer, personalize the pension
                • Bringing the Irish consumer to the equity market
                • Market in Brief

                  • Pensions market shows signs of recovery
                    • State pension a necessity for many
                      • Cost of living increase a threat
                        • Pensions seen as best retirement investment
                        • Fast Forward Trends

                            • Trend 1: Life Hacking
                              • What’s it about?
                                • What we’ve seen
                                  • What next?
                                    • Trend 2: Hyper-Parenting
                                      • What’s it about?
                                        • What we’ve seen
                                          • What next?
                                          • Internal Market Environment

                                            • Key points
                                              • Public sector pensions – The recent UK review and changes going forward
                                                  • Figure 1: Response to the question ‘Are you a member of pension scheme where you work?’, UK, 2010
                                                • Changes to pensions in RoI
                                                  • Retirees continuing to work
                                                    • Public sector pensions
                                                      • Regulation and promotion of private sector pensions in NI & RoI
                                                        • New rules
                                                          • Pensions and the volatile equity market
                                                            • Confidence in the pension industry
                                                              • Figure 2: Confidence (%) of Respondents that pension will provide enough money in retirement, UK, 2010
                                                            • Lack of preparedness
                                                              • Figure 3: Consumers who feel they are not adequately prepared for retirement, RoI and NI, 2011
                                                            • Pensions are seen as best investment options as property market collapses
                                                              • Figure 4: Respondents’ attitudes to the best way to save for retirement, UK, 2010
                                                            • Household wealth levels bouncing back
                                                              • Figure 5: Agreement with statements relating to spending priorities over the next 12 months, RoI and NI, 2011
                                                            • Rising costs of living will hamper retirement planning
                                                              • Fear over rising heating bills might force consumers to save for retirement
                                                                • Figure 6: Areas that concern consumers, RoI and NI, 2011
                                                              • Pension reform in RoI and NI
                                                              • Broader Market Environment

                                                                • Key points
                                                                  • Economic conditions still shaky
                                                                    • Figure 7: Irish economic outlook, RoI & NI, 2008-10
                                                                  • Weak labour market a concern for retirement planning market
                                                                    • Figure 8: Unemployment rates, RoI and NI, January 2009-March 2011
                                                                  • Spending cuts may put further strain on Irish job market
                                                                    • Fears over job security may boost SiPPs usage
                                                                      • Figure 9: Consumers agreeing that “Job Security” most concerns them, by gender, RoI and NI, 2011
                                                                    • Pay levels see slight increase in NI and RoI
                                                                      • NI sees gradual uplift in pay
                                                                        • Figure 10: Median gross weekly pay, all adults, NI, 2005-10
                                                                      • RoI pay levels take a nose dive
                                                                        • Figure 11: Median gross weekly earnings, RoI, 2006-11*
                                                                      • Low interest rates not helping in NI
                                                                        • Figure 12: Interest rates, actual and forecast, NI and RoI, 2011
                                                                      • Consumer confidence remains weak
                                                                        • Figure 13: Consumer Sentiment/Confidence Index, July 2008-11
                                                                      • Housing market less likely to be invested in
                                                                        • NI
                                                                          • Figure 14: Average house price, NI, 1996-2011
                                                                        • RoI
                                                                          • Figure 15: House price trends, RoI, 1996-2010
                                                                        • The impact of rising population and ageing population on the pensions market
                                                                          • Figure 16: Population, by age, RoI, 2006-41
                                                                          • Figure 17: Population, by age, NI, 2008-58
                                                                      • Competitive Context

                                                                        • Key points
                                                                          • Individual Savings Accounts (ISAs)
                                                                            • Figure 18: Consumers who own a Cash ISA account, by age, NI, 2010
                                                                          • Investing in property
                                                                            • Selling property to fund retirement
                                                                              • Investing in commodities
                                                                                • Strain on state pensions expected in future
                                                                                • Strengths and Weaknesses

                                                                                  • Strengths
                                                                                    • Weaknesses
                                                                                    • Who’s Innovating?

                                                                                      • Key points
                                                                                        • Risk-averse customers seek safer pension products
                                                                                          • Arab Spring could create investment options
                                                                                            • New third-way pension products
                                                                                              • Embracing new technology
                                                                                                • Ethical environmental planning
                                                                                                • Market Value and Forecast

                                                                                                  • Key points
                                                                                                    • Pension funds return to growth on the back of a strong bonds market
                                                                                                      • Figure 19: Value of pension fund assets, NI and RoI, 2005-15
                                                                                                    • NI pension assets growth
                                                                                                      • Equities account for majority of pension fund assets
                                                                                                        • Figure 20: Segmentation of pension fund assets, NI, 2005-10
                                                                                                        • Figure 21: Segmentation of pension fund assets, RoI, 2005-10
                                                                                                      • Property a falling star
                                                                                                        • Savings market worth €226 billion in 2011
                                                                                                          • Figure 22: Value of savings market, IoI, NI and RoI, 2004-14
                                                                                                        • Market drop forecast
                                                                                                          • Focus on short term saving
                                                                                                            • Figure 23: Segmentation of the savings market, RoI, 2005-11
                                                                                                        • Companies and Products

                                                                                                          • Key points
                                                                                                            • Allied Irish Bank (AIB)
                                                                                                              • Aviva plc (formerly Hibernian)
                                                                                                                • Bank of Ireland (BOI)
                                                                                                                  • Canada Life Ireland
                                                                                                                    • Halifax (Bank of Scotland plc)
                                                                                                                      • HSBC Bank plc
                                                                                                                        • Irish Life & Permanent Group plc
                                                                                                                          • Nationwide
                                                                                                                            • Danske Bank (National Irish Bank (NIB) and Northern Bank)
                                                                                                                              • Post Office
                                                                                                                                • Progressive Building Society
                                                                                                                                  • Rabobank
                                                                                                                                    • Santander
                                                                                                                                      • Standard Life plc
                                                                                                                                        • Ulster Bank Group
                                                                                                                                          • Stockbrokers
                                                                                                                                            • Cunningham Coates Stockbrokers
                                                                                                                                              • Davy Stockbrokers
                                                                                                                                                • Dolmen Stockbrokers
                                                                                                                                                  • Goodbody Stockbrokers
                                                                                                                                                  • The Consumer – Product Ownership

                                                                                                                                                    • Key points
                                                                                                                                                        • Figure 24: Ownership of pensions (own/shall receive), by type, NI and RoI, 2010
                                                                                                                                                      • Lower wages in NI causing higher reliance on state pensions
                                                                                                                                                        • Women more inclined to rely on state pensions
                                                                                                                                                            • Figure 25: Consumers who own a state pension (own/joint) that are received now/will be received, by gender, NI and RoI, 2010
                                                                                                                                                          • Company pensions more common among ABC1
                                                                                                                                                              • Figure 26: Consumers who own a company or occupational pension that is received now/will be received, by gender, NI and RoI, 2010
                                                                                                                                                            • Few make annual contributions to company schemes
                                                                                                                                                              • Low level of consumers have a personal pension plan
                                                                                                                                                                  • Figure 27: Consumers who own a personal pension that is received now/will be received, by gender, NI and RoI, 2010
                                                                                                                                                                • Recession continues to disrupt uptake and contributions to personal pension plans
                                                                                                                                                                  • Instant access savings accounts most used type of savings account
                                                                                                                                                                      • Figure 28: Ownership of savings products, by type, NI and RoI, 2010
                                                                                                                                                                    • Most consumers own one savings account
                                                                                                                                                                        • Figure 29: Number of savings accounts held, NI and RoI, 2007-10
                                                                                                                                                                      • Irish consumers are regular savers
                                                                                                                                                                        • Figure 30: Frequency paid into savings account, NI and RoI, 2007-10
                                                                                                                                                                      • Factors that draw consumers to savings accounts
                                                                                                                                                                        • Figure 31: Most important factors when choosing a bank/branch for a savings account, NI and RoI, 2010
                                                                                                                                                                        • Figure 32: Consumers who consider the interest rate the important factors when choosing a bank/branch for a savings account, NI and RoI, 2007-10
                                                                                                                                                                      • Fifth of NI consumers own ISA
                                                                                                                                                                          • Figure 33: Consumer ownership of ISA, by age, NI, 2010
                                                                                                                                                                        • A third own an SSIA in RoI
                                                                                                                                                                          • Low ownership of stocks, shares, unit trusts or investments among Irish consumers
                                                                                                                                                                              • Figure 34: Ownership of stocks, shares, unit trusts or investments, by gender and age, NI and RoI, 2010
                                                                                                                                                                          • The Consumer – Attitudes Towards Retirement Planning

                                                                                                                                                                            • Key points
                                                                                                                                                                                • Figure 35: Consumer attitudes towards financial planning, NI & RoI, 2010
                                                                                                                                                                              • Being prepared for retirement is a personal responsibility
                                                                                                                                                                                  • Figure 36: Agreement with the statement “Financial security after retirement is your own responsibility”, by age, NI & RoI, 2010
                                                                                                                                                                                  • Figure 37: Agreement with the statement “Financial security after retirement is your own responsibility”, NI & RoI, 2005-10
                                                                                                                                                                                • Many feel they are poor savers
                                                                                                                                                                                    • Figure 38: Agreement with the statement “I am no good at saving money”, by age, NI & RoI, 2010
                                                                                                                                                                                  • More RoI consumers feel they are good at managing their money
                                                                                                                                                                                      • Figure 39: Agreement with the statement “I am very good at managing money”, NI & RoI, 2005-10
                                                                                                                                                                                    • Who feels they are good at managing their money?
                                                                                                                                                                                        • Figure 40: Agreement with the statement “I am very good at managing money”, by age, NI & RoI, 2010
                                                                                                                                                                                      • Stocks and shares too risky for many
                                                                                                                                                                                          • Figure 41: Agreement with the statement “Owning stocks and shares is too risky an investment for me”, NI & RoI, 2010
                                                                                                                                                                                        • Consulting before investing
                                                                                                                                                                                        • The Consumer – Target Groups

                                                                                                                                                                                          • Key points
                                                                                                                                                                                            • NI target groups
                                                                                                                                                                                              • Figure 42: Consumer typologies, NI, 2010
                                                                                                                                                                                            • Inexperienced Spenders
                                                                                                                                                                                              • Characteristics
                                                                                                                                                                                                • Who are Inexperienced Spenders?
                                                                                                                                                                                                  • Understanding Inexperienced Spenders
                                                                                                                                                                                                    • Moderate Risktakers
                                                                                                                                                                                                      • Characteristics
                                                                                                                                                                                                        • Who are Moderate Risktakers?
                                                                                                                                                                                                          • Understanding Moderate Risktakers
                                                                                                                                                                                                            • Knowledgeable Bankers
                                                                                                                                                                                                              • Characteristics
                                                                                                                                                                                                                • Who are Knowledgeable Bankers?
                                                                                                                                                                                                                  • Understanding Knowledgeable Bankers
                                                                                                                                                                                                                    • Hesitant Traditionalists
                                                                                                                                                                                                                      • Characteristics
                                                                                                                                                                                                                        • Who are Hesitant Traditionalists?
                                                                                                                                                                                                                          • Understanding Hesitant Traditionalists
                                                                                                                                                                                                                            • RoI target groups
                                                                                                                                                                                                                              • Figure 43: Consumer typologies, RoI, 2010
                                                                                                                                                                                                                            • Savvy Financiers
                                                                                                                                                                                                                              • Characteristics
                                                                                                                                                                                                                                • Who are Savvy Financiers?
                                                                                                                                                                                                                                  • Understanding Savvy Financiers
                                                                                                                                                                                                                                    • Novice Bankers
                                                                                                                                                                                                                                      • Characteristics
                                                                                                                                                                                                                                        • Who are Novice Bankers?
                                                                                                                                                                                                                                          • Understanding Novice Bankers
                                                                                                                                                                                                                                            • Cautious Conservatives
                                                                                                                                                                                                                                              • Characteristics
                                                                                                                                                                                                                                                • Who are Cautious Conservatives?
                                                                                                                                                                                                                                                  • Understanding Cautious Conservatives
                                                                                                                                                                                                                                                    • Relaxed Spenders
                                                                                                                                                                                                                                                      • Characteristics of Relaxed Spenders
                                                                                                                                                                                                                                                        • Who are Relaxed Spenders?
                                                                                                                                                                                                                                                          • Understanding Relaxed Spenders
                                                                                                                                                                                                                                                          • Appendix – Product Ownership

                                                                                                                                                                                                                                                              • Figure 44: Pound to euro exchange rate used (annual average), 2004-13
                                                                                                                                                                                                                                                            • NI retirement products usage
                                                                                                                                                                                                                                                              • Figure 45: Pensions, Making AVC (additional Voluntary Contributions) to company scheme, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 46: Number of savings accounts held, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 47: Type of savings account held, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 48: Frequency paid into savings account, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 49: Most important factors when choosing a bank/branch for a savings account, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 50: Most important factors when choosing a bank/branch for a savings account (continued), by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 51: Second most important factors when choosing a bank/branch for a savings account, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 52: Second most important factors when choosing a bank/branch for a savings account (continued), by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 53: Consumer ownership of bonds, by type, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 54: Consumer ownership of ISA, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 55: When ISA was acquired, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 56: Pensions (that consumers will receive/will receive now), by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 57: Pensions (Currently contribute to), by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 58: Ownership of stocks, shares, unit trusts or investments, NI, 2010
                                                                                                                                                                                                                                                              • Figure 59: when acquired stocks, shares, unit trusts or investments, NI, 2010
                                                                                                                                                                                                                                                            • RoI retirement product usage
                                                                                                                                                                                                                                                              • Figure 60: Pensions (that consumers will receive/will receive now), by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 61: Pensions (Currently contribute to), by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 62: Pensions, making AVC (additional Voluntary Contributions) to company scheme, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 63: Number of savings accounts held, by all demographics, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 64: Own or joint saving account owned, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 65: Type of savings account held, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 66: Frequency paid into savings account, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 67: Most important factors when choosing a bank/branch for a savings account, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 68: Most important factors when choosing a bank/branch for a savings account (continued), by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 69: Second most important factors when choosing a bank/branch for a savings account, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 70: Second most important factors when choosing a bank/branch for a savings account (continued), by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 71: Ownership of an SSIA, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 72: Ownership of stocks, shares, unit trusts or investments, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 73: when acquired stocks, shares, unit trusts or investments, RoI, 2010
                                                                                                                                                                                                                                                          • Appendix – Attitudes toward Retirement Planning

                                                                                                                                                                                                                                                            • NI attitudes towards retirement planning tables
                                                                                                                                                                                                                                                              • Figure 74: Agreement with finance statements, by all demographics, NI 2010
                                                                                                                                                                                                                                                              • Figure 75: Agreement with finance statements, by all demographics, NI, 2010
                                                                                                                                                                                                                                                            • RoI attitudes towards retirement planning tables
                                                                                                                                                                                                                                                              • Figure 76: Agreement with finance statements, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 77: Agreement with finance statements, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                          • Appendix – Target Groups

                                                                                                                                                                                                                                                            • NI consumer typology tables
                                                                                                                                                                                                                                                              • Figure 78: Consumer typologies, by all demographics, NI, 2010
                                                                                                                                                                                                                                                              • Figure 79: Agreement with financial statements, by consumer typologies, NI, 2010
                                                                                                                                                                                                                                                            • RoI consumer typology tables
                                                                                                                                                                                                                                                              • Figure 80: Consumer typologies, by all demographics, RoI, 2010
                                                                                                                                                                                                                                                              • Figure 81: Agreement with financial statements, by consumer typologies, RoI, 2010

                                                                                                                                                                                                                                                          Companies Covered

                                                                                                                                                                                                                                                          To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                          Retirement Planning - Ireland - September 2011

                                                                                                                                                                                                                                                          £1,095.00 (Excl.Tax)