2023
9
UK Personal Pensions Market Report 2023
2023-12-15T10:01:39+00:00
REPB963EBAA_3DBC_4878_BA9A_C2AE81F793D9
2195
169008
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Report
en_GB
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…

UK Personal Pensions Market Report 2023

£ 2,195 (Excl.Tax)

Description

Stay ahead of the curve and future-proof your business with Mintel’s UK Personal Pensions Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest UK pension market research, trends and consumer behaviours affecting your business. Get a 360° view of the UK pension market, including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.

Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.

Topics Analysed in this Report

  • The impact of the cost of living on the UK pension market.
  • New product developments, competitive strategies and advertising initiatives among pension providers.
  • Ownership of savings products for retirement, including pensions.
  • Main reasons for taking out personal pensions and key considerations when choosing a provider.
  • Consumer engagement with and attitudes towards personal pensions.
  • Generational and demographic differences among key consumer segments.

UK Pension Market Overview

2023 has been characterized by a cost of living crisis, volatility in public markets and dwindling consumer confidence resulting in priorities shifting to nearer-term financial obligations. In addition, stricter regulations continues to suppress transfer activity, the predominant driver of new business in the UK pension market.

  • Personal pension market size UK: Mintel forecasts that the market value of the personal pension market in 2028 will fall from £11.6 billion to £11 in 2028.

UK Pension Market: Challenges and Opportunities

Opportunities to narrow the pension gap

The gender pension gap has been a persisting issue within the pension industry. However, the introduction of auto-enrolment seems to have bridged the gap within workplace retirement planning. However, in personal pensions that gap still persists.

  • Retirement planning statistics: 42% of male pension holders have a personal pension, versus 34% of females.

Branching out into pension education

The new customer-centric focus in personal pensions leads to new opportunities for pension providers to expand into more advisory services and educational content. Building out educational material, and offering advice services are positive ways providers can innovate their business to meet both changing regulations and growing demand.

  • UK pension market consumer attitudes: 42% of Brits who have pensions plan to seek professional advice about their personal pension in the next 12 months.

Purchase our UK Personal Pensions Market Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities.  Readers of this report may also be interested in our UK Retirement Planning Market Report 2023.

Brands Featured in the Full Report

PensionBee, Wealthify, Hargreaves Lansdown, Smart Pension, Scottish Widows.

Additional Features Included with Your Purchase

  • Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
  • Consumer Confidence Tracker: Our Trackers paint the picture of the economic confidence and major concerns of up to 40 different demographics, tracking changes in attitudes over time.
  • Custom PowerPoints: Incorporate our consumer research data into your own work so you can win over your clients and stakeholders. Select insights from your report to create a custom presentation that is ready to download in minutes.
  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentations.
  • Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive catalogue of market research reports.

Expert Insights from a Finance Analyst

This report, written by Charlie Landsborough, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the delivery and collection market and add expert context to the numbers.

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

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Opportunities for the personal pensions market
    • Market dynamics and outlook
    • Graph 1: transfers as a share of new individual pension business, 2017-22
    • Graph 2: new individual personal pension business, by sales channel, 2017-22
    • What consumers want and why
    • Graph 3: how consumers are saving for retirement, 2023
    • Graph 4: pension ownership, 2023
  2. Market Dynamics

    • Market size
    • Graph 5: number of individual pension policies in force, 2013-22
    • Graph 6: number of pension policies in force, by type, 2013-22
    • Graph 7: total business in force premium income, 2017-22
    • Graph 8: total new individual pension premiums, 2017-23
    • Market forecast
    • Graph 9: total value of new regular premiums, 2007-2015
    • Market segmentation
    • Graph 10: regular premium new contracts, by type 2017-22
    • Graph 11: single premium new contracts, by type 2017-22
    • Graph 12: total value of new individual personal pension, stakeholder pension and insured SIPP sales, 2017-22
    • Graph 13: total value of individual pension transfers, by type 2017-22
    • Graph 14: transfers as a share of new individual pension business, 2017-22
    • Channels to market
    • Graph 15: new individual personal pension business, by sales channel, 2017-22
    • Graph 16: new individual insured SIPP business, by sales channel, 2017-22
    • Macro-economic factors
    • Graph 17: CPI inflation rate, 2021-23
    • Graph 18: the financial wellbeing index, 2016-23
    • Graph 19: the financial confidence index, 2016-23
    • Regulatory and legislative factors
  3. What Consumers Want and Why

    • Ownership of savings products for retirement
    • Graph 20: how consumers are saving for retirement, 2023
    • Graph 21: Gen Zs’ plan for the next five years, 2022
    • Graph 22: consumers not saving/investing for retirement, by household income, 2023
    • Pension ownership
    • Graph 23: pension ownership, 2023
    • Graph 24: pension ownership amongst consumers with households incomes £50,000 or above, 2023
    • Personal pension engagement
    • Graph 25: frequency of checking personal pension, 2023
    • Graph 26: frequency of checking personal pension, by age 2023
    • Graph 27: channels used to check personal pension, 2023
    • Graph 28: consumer channel preferences, by age 2023
    • Interest in personal pension products
    • Graph 29: pension products consumers would consider in the next two years, 2023
    • Graph 30: parents who would consider opening a personal pension or SIPP for a child or grandchild, by age of children in household, 2023
    • Graph 31: interest in arranging a personal pension or SIPP in the next two years, by employment, 2023
    • Main reasons for taking out a personal pension
    • Graph 32: key motivations for taking out personal pension(s), 2023
    • Key considerations when selecting a provider
    • Graph 33: consumers key considerations when choosing provider(s), 2023
    • Graph 34: interest in the availability of ethical investment options, by age, 2023
    • Attitudes towards personal pensions
    • Graph 35: agreement with statements about saving in an individual personal pension, 2023
    • Graph 36: agreement with the following statements, by age 2023
    • Graph 37: confidence making decisions about pension, by gender 2023
  4. Innovation and Marketing

    • Marketing activity
    • Innovation trends
    • Competitive strategies
  5. Appendix

    • Supplementary data
    • Market forecast data and methodology
    • Report scope and definitions
    • Methodology

About the report

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.

Market

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.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

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.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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