£ 2,195 (Excl.Tax)
Personal pensions providers continue to face stern challenges as auto-enrolment dominates the pension space, while regulatory and economic headwinds limit demand.
Charlie Landsborough, Financial Services Analyst
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£ 2,195 (Excl.Tax)
A rejuvenated annuity market and digital developments enabling new innovative solutions make this an exciting time for providers of retirement income products.
A Mintel Analyst, Global Analyst
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£ 2,195 (Excl.Tax)
“There is ample scope to expand the market for retirement planning and advice. 40% of pension savers are interested in paying for personalised advice about their retirement plans, most of whom have not sought advice before. Pension providers and advisers have an opportunity to leverage technology to convert this interest..."
£ 2,195 (Excl.Tax)
“There is considerable latent demand for later life planning among over-45s, especially among those aged 45-64. If providers can effectively tap into this and engender earlier engagement, for example by offering free will reviews or retirement health checks, it would expand the client base and generate new opportunities for growth,..."
£ 2,195 (Excl.Tax)
“The market for retirement income products has bounced back from the pandemic-induced dip, and the outlook is positive, supported by an increasing pool of potential customers. Rising annuity rates and the desire for a secure income are likely to make this option more attractive. However, consumers continue to value the..."
£ 2,195 (Excl.Tax)
“The rare period of significant growth seen in individual pensions in 2021 has proven to be short-lived. The considerable increase in the cost of living during 2022 has damaged consumer confidence and reduced the amount of funds available to place into a pension. Over the longer-term the market is likely..."
£ 2,195 (Excl.Tax)
“The retirement planning environment has so far held up well despite the challenges that the COVID-19 pandemic has placed on the market. Cost of living pressures pose a new challenge for the industry. With inflationary pressures expected to persist throughout 2022 and into 2023, consumers face tough decisions. More people..."
£ 2,195 (Excl.Tax)
“The market for retirement income products is diverse and, potentially, large. The challenge for providers is to create an environment where pension savers can easily look into all their options and feel confident of their choices, while at the same time develop products that meet the needs of future retirees...."
£ 2,195 (Excl.Tax)
“2020 was a challenging year for the individual pension market as COVID-19-related disruption added to the difficulties already facing the sector before the pandemic. Sales have recovered in 2021 thanks to a rise in household savings activity and improving consumer confidence. However, it remains to be seen if new business..."
£ 2,195 (Excl.Tax)
“Only 34% of people aged over-45-65 have sought expert advice on a pension or retirement-related matter. Yet many more are interested in doing so. This shows there is good scope to expand the market for retirement planning and advice. The challenge for advisers is to convert this interest into positive..."
£ 2,195 (Excl.Tax)
“COVID-19 will negatively impact workplace pension contributions and fund values in 2020. However, as jobs return during the recovery, auto-enrolment will see lost pension savers quickly return. Beyond COVID-19, improving understanding of and engagement with workplace pensions are key challenges to ensure the best outcomes for pension savers at retirement.”
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