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.
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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
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- Key issues covered in this Report
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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
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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
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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
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Innovation and Marketing
- Marketing activity
- Innovation trends
- Competitive strategies
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Appendix
- Supplementary data
- Market forecast data and methodology
- Report scope and definitions
- Methodology
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