UK Workplace Pensions market report
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Providing the most comprehensive and up-to-date information and analysis of the Workplace Pensions market, and the behaviours, preferences and habits of the consumer.
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Scope of this Report
There are various types of workplace pensions, which can be broadly segmented into two main groups:
- occupational trustbased
- schemes and group contract-based pensions
The focus of this Report is on insurance-administered workplace schemes, comprising:
- funded occupational pensions
- group personal pensions (GPPs)
- group stakeholder pensions (GSPs)
An occupational pension is a scheme organised by an employer, or on behalf of a group of employers, to provide benefits for employees on their retirement and for their dependants on their death. Legally, an occupational scheme is defined as one that has scheme trustees and is governed by trust law and, thus, may also be referred to as a trust-based scheme.
Occupational pensions come in two main forms: defined benefit (DB) or salary-related (eg final salary, career average salary) and defined contribution (DC) or money-purchase schemes.
A master trust is a multi-employer, trust-based scheme that differs only from a normal trust-based DC scheme in that it is open to the employees of many employers, the staff of which are all treated equally and follow the same rules.
NEST (National Employment Savings Trust) is a master trust DC pension scheme set up by the Government to help employers meet new workplace pension duties. NEST offers low charges (with an AMC (annual management charge) of 0.3% plus a 1.8% charge on new member contributions), flexible contributions and online access. The scheme is run by the NEST Corporation, a non-departmental public body of trustees.
A group personal pension is a collection of personal pensions, arranged by an employer for its employees. GPPs are run by pension providers (usually an insurance company) and managed on a group basis. They may have lower charges than individual personal pensions, because the provider may offer the employer a discount for the volume of policies.
Group stakeholder pensions, also known as employersponsored stakeholder pensions, are similar to GPPs in that they are group schemes with the same rules for eligibility, transfers, benefits, contributions and taxation. However, GSPs must meet a set of conditions, laid down by the Government, relating to charging structure, penalties and minimum contributions. All contract-based pensions are DC arrangements.
Expert analysis from a specialist in the field
Written by Sam Marks, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
In many respects, the real challenge of auto-enrolment has just begun as increases to minimum contributions help consumers build up more meaningful funds. However, the opt-out rate will almost certainly rise, as hard-up workers find that they cannot afford the higher deductions taken from their salary. Minimising this rise will be key, while also extolling the benefits of voluntarily increasing pension contributions as much as possible.
Financial Services Analyst
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