The UK Annuities and Income Drawdown Market Report examines consumers’ behaviours and attitudes towards retirement income products, ownership of pensions and the impact of the inflationary pressures on the income drawdown and annuity market. This report covers the UK retirement income market size, market forecast, market segmentation and trends in the UK retirement income market
Both income drawdown and annuity market sales volumes have bounced back after declining in 2020 and will continue to grow in 2022. Annuity market rates have improved, while the desire for a secure income will underpin growth. However, income drawdown remains the preferred option, and the flexibility offered will continue to support further growth in this segment.
Mintel’s annuities and income drawdown market report forecasts that long-term inflation could erode the value of pension pots. This, combined with economic uncertainty, could lead to a more cautious approach, and some of those nearing retirement may opt to postpone retirement altogether.
Mintel’s retirement income market research indicates that the long-term outlook for income drawdown and annuity market is positive. Economic conditions should normalise, moving beyond the pandemic and inflationary pressures. In addition, as the UK population continues to age, there is an increasing pool of potential customers for the retirement income market to target.
To discover more about the UK Annuities and Income Drawdown Market Report 2022, read our UK Personal Pensions Market Report 2022, or take a look at our Financial Services Market Research Reports.
Brands: Aviva, Legal & General, Canada Life, Just Group, Scottish Widows.
Products: Retirement income solutions aimed at defined contribution pension savers.
This report, written by Stefania Apostol, a leading analyst in the financial sector, delivers in-depth commentary and analysis to highlight current trends in the retirement income market and add expert context to the numbers.
The retirement income market 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 flexibility of drawdown arrangements, and this remains the most popular option. While pension savers are concerned about the impact of inflation on their pension pots, the cost of living crisis could drive more to access their retirement funds to cope with rising prices.”
Stefania Apostol
Financial Services Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more£ 5,000 – £ 21,600
Mintel’s 2024-25 Global Outlook on Sustainability: A Consumer Study is designed to help you understand what brands and companies should prioritise in order to educate consumers and ensure...
Find out more£ 2,195
“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...
Find out more£ 2,195
Annuities and income drawdown enjoyed bumper growth in 2023, which has largely continued throughout 2024. Annuities in particular have benefited from favourable conditions, as higher interest rates and...
Find out more£ 2,195
Most critical illness policies are sold as rider benefits to term life insurance and, as a result, the market's performance is heavily linked to it. Demand for both...
Find out more£ 2,195
The cost of living crisis continues to place pressure on household finances and has made consumers more cautious about borrowing against the value of their homes. This heightened...
Find out more£ 2,195
The cost of living crisis has prompted more consumers to focus on their immediate financial commitments. Consumers have increasingly postponed retirement planning as more pressing financial matters take...
Find out more
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.
Mintel gives us all that. It’s a great brand and one that is trusted by clients.
There is no question that Mintel is the go-to resource for the best quality market research, but I did not think it was an affordable option for Abacus Marketing to consider. As a small marketing agency, we only work with a few new clients each year.
However, we have a very high-end consultative approach to our work, so we really do need a partner like Mintel to provide the big agency experience we are always aiming to deliver. Our clients come from an incredibly diverse range of industry sectors, so we obviously need access to market research reports from a very wide spectrum of marketplaces – and that is precisely what we got.
When I’m investigating specific sectors I tend to use Mintel reports for their forecasting, which I’ve always found to be very accurate.
They also offer really broad and deep coverage in their reports. They are very, very detailed. For example, we were able to gain insight across a wide range of business areas from just one report, proving that Mintel is excellent value for money.
So overall, it’s the level of detail and the quality of forecasting that really stand out for me.
One of the biggest challenges we face is the need to get smart on a business or category real quick.
We are talking to clients who live and breathe their category every day and the expectation is that we will be able to get caught up very quickly, and bring the thinking that can help them.
We need to do that often in a matter of days, so it’s not a small ask. Mintel gives us a very articulate view of category conditions and does so at the speed we need it.
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more
