Post-Retirement Pensions Market Next Big Thing

Edison, NJ -- (SBWire) -- 12/14/2020 --HTF MI added a new research study in its database with title 'The UK Post-Retirement Pensions Market 2019' that includes detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions like North America, Europe, Asia-Pacific, South America, Middle East and Africa and important players/vendors such as Evalue, Wealth Wizards, Nutmeg, Scalable Capital etc. The report will help user gain market insights, future trends and growth prospects for forecast period of 2019 – 2025.

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Summary

This report looks into the UK at- and post-retirement pensions market, exploring how it has been affected by an aging population and recent changes to the laws governing pensions. It also looks at consumers' attitudes and behaviour's regarding advice and transfers from defined benefit to defined contribution pensions, among other topics. The report leverages findings from our 2019 UK Life & Pensions Survey.

With an aging population, the number of individuals in retirement continues to grow year on year. However, the market faces many challenges, including a low-paying state pension and, for many, inadequate pension pots. Pension saving is improving thanks to auto-enrolment, although the benefits of this will largely be felt by younger generations. The pension freedoms have also brought significant changes to the way individuals access pensions.

Full withdrawals are now commonplace – especially for low-value pots – while income drawdown is the preferred option for higher-value pension plans. This is all set against a context of relatively limited uptake of financial advice, in part due to the costs involved. Robo-advice may be one solution to provide low-cost advice, while government initiatives may also succeed in boosting consumer engagement and confidence in retirement saving.

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Scope

– Auto-enrollment is boosting workplace pensions, with 2018 annual premium equivalent growing by 22% on 2017. Two thirds of individuals in their 20s have started a pension through auto-enrollment, compared to 30% of those in their 50s.
– 61.1% of retired individuals state their lifestyle is as expected in retirement, while 18.2% state it is better than expected. The majority of these will have retired before the pension freedoms were introduced.
– Financial advisors state that retirement is the number one prompt to seek financial advice, but uptake is varied. For example, 62% of full pensions withdrawals are made with no advice or guidance.

Reasons to buy

– Understand the impact of recent legislation on consumer behaviour's in the at- and post-retirement market.
– Explore how consumers are funding their retirement.
– Discover how technology and robo-advice can be used to encourage individuals to save for retirement.
– Learn about consumers' attitudes towards defined benefit pension transfers.

Companies Mentioned in the Report

Evalue, Wealth Wizards, Nutmeg, Scalable Capital, HSBC, NatWest, Santander, Aviva, Canada Life, Hodge Lifetime, Scottish Widows

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Table of Contents

1. EXECUTIVE SUMMARY 2
1.1. The post-retirement pensions market is ever growing and increasingly complex 2
1.2. Key findings 2
1.3. Critical success factors 2
2. THE POST-RETIREMENT PENSIONS MARKET IN CONTEXT 9
2.1. The size of the at- and post-retirement market is growing, presenting an opportunity for providers and advisors 9
2.2. The state pension is limited and funding is under increasing pressure 13
2.3. Private pension pots remain low, but auto-enrolments is helping to improve the situation in the

….Continued

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Thanks for reading this article, you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.