Personal Pensions - UK - April 2016
“The pension freedoms brought renewed interest to the personal pensions market in 2015. However, the pace of legislative and regulatory change is undermining confidence in pension savings, with consumers looking towards alternative investments to fund retirement. As such, pension providers should continue to focus on improving access to education and advice in order to help consumers realise the benefits of saving in a pension.”
– Jessica Galletley, Financial Services Analyst
This report discusses the following key topics:
- Reliance on familial advice offers a route to pension conversations
- Workplace pensions scheme moves responsibility for saving enough away from consumers
- Affordability will still inhibit take-up of robo-advice
The full impact of the new rules is yet to be seen, with the prospect of further change continuing to pose a challenge for the future of the personal pensions market. The announcement of the new Lifetime ISA and speculation about further change to pension tax relief could also limit demand going forward. In addition, providers face widespread disengagement among consumers about saving for the long term and confusion about pensions and benefits of saving in one.
This Report explores the regulatory environment for the personal pensions market, including analysis on the potential threats and opportunities facing the market. It presents Mintel’s exclusive consumer research, which explores the attitudes of both those with and without personal pensions. It analyses the ongoing challenges consumers face in saving towards retirement, and presents recommendations for how providers and advisers can encourage consumers to become more active in considering their retirement income plans.
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.