UK Personal Pensions and Sipps market report
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Providing the most comprehensive and up-to-date information and analysis of the Personal Pensions and SIPPs market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
The main focus of this report is on individual personal pensions, individual stakeholder pensions and individual SIPPs. Group personal pensions (GPPs), group SIPPs and employer-sponsored stakeholder pensions fall under the category of workplace pensions and are covered in a separate report.
For the purposes of this report, Mintel has used the following definitions:
- Personal pension – a DC (defined-contribution) pension scheme, set up as a contract between the individual member and the pension provider (usually an insurance company or investment platform). An employer may contribute to a member’s personal pension. Other people are also able to contribute.
- Stakeholder pension – a type of low-cost personal pension which must adhere to certain conditions set by the government. Such as the requirement the AMC (annual management charge) must not be more than 1.5% per year for the first 10 years of membership and thereafter not more than 1%.
- SIPP – a type of personal pension, which offers individual investors greater flexibility and investment choice. There are two main sub-categories, catering for different markets: streamlined SIPPs, which mainly comprise lower-cost, simplified platform-based SIPPs and mid-range collective SIPPs; and full-range SIPPs.
- SIPPs may also be categorised according to how they are legally structured, ie whether they are insured products (provided by insurance companies and established by deed poll) or non-insured products (written under trust). More than half of all SIPPs in force are estimated to be non-insured.
Expert analysis from a specialist in the field
Written by Sarah Hitchcock, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
“Looking ahead, the SIPP and flexible personal pension markets are likely to continue to expand, and increasingly converge, as factors such as the freedom rules and the Pensions Dashboard help to maintain high levels of demand for pension consolidation and flexible retirement solutions.”
Senior Financial Services Analyst
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