UK Pension Insurance Sector Discussed by Timetric in In-demand Study Published at MarketPublishers.com01 Apr 2014 • by Natalie Aster
LONDON – The UK pensions market has demonstrated signs of recovery as improved market situation and legislative amendments are encouraging more and more people to make savings for retirement. Novel business premiums collected by pension providers reached USD 50,533 million as of 2012, after posting a considerable growth of 9% in 2010. The growth was driven by a hike in the minimum pension age for occupational and personal pension schemes from 50 to 55, and also an increased workplace DC (defined contribution) scheme membership.
With life expectancy in the UK keeping on rising, state benefits being squeezed and private retirement savings not sufficient to meet future retirees’ needs, the Government has responded with a set of measures. Thus, auto-enrolment is already being implemented, with various staging dates from the beginning of October 2012 to February 2018, requiring all employers to automatically enroll eligible employees into a qualifying workplace pension scheme. Auto-enrolment is expected to achieve up to 9 million people saving into a workplace pension.
An upsurge in customer confidence, economic improvements, and auto-enrolment are primed to drive growth in new business premiums in the domestic pensions marketplace. Between 2013 and 2017, the market is expected to record a 2.5% CAGR.
In-demand report “Pension Insurance in the UK, Key Trends and Opportunities to 2017” drawn up by Timetric provides a detailed analysis of the UK pension insurance industry.
The report examines the market dynamics across individual and workplace pension categories in the domestic pension insurance market by providing in-depth historical (2008-2013) and forecast market estimates (to 2017). It carefully reviews the performance of key market drivers and gives an up-close look at a variety of distribution channels for pension products in the country. A thorough analysis of the competitive landscape and major pension propositions allowing a comprehensive evaluation of success and risk factors is included in the research study. Information on key deals and latest regulatory developments in the market space is included. Additionally, the research report profiles the leading UK pension providers, outlining the major regulatory changes influencing them.
Pension Insurance in the UK, Key Trends and Opportunities to 2017
Published: March, 2014
Price: US$ 2,795.00
More in-demand studies by the publisher can be found at Timetric page.