Pension reforms are going to encourage much-needed innovation in the occupational pension market. Pension providers will have to create more efficient business models if they want to engage with employees on low wages and SMEs and reap the rewards of auto-enrolment. Appealing to the mass market will have to involve stripping down internal systems and processes and re-engineering them from the consumer’s point of view.

1. Occupational and Group Pensions - UK - June 2013
Pension reforms are going to encourage much-needed innovation in the occupational pension market. Pension
providers will have to create more efficient business models if they want to engage with employees on low
wages and SMEs and reap the rewards of auto-enrolment. Appealing to the mass market will have to involve
stripping down internal systems and processes and re-engineering them from the consumer’s point of
view.
table Of Content
introduction
abbreviations
executive Summary
the Market
insurer-administered Business Will Continue To Rise
figure 1: New Insurer-administered Occupational Pension Premiums, 2007-17
figure 2: Forecast Of New Gpp Premiums, 2007-17
market Factors
auto-enrolment Will Bring Growth Opportunities To The Market
rdr Will Make Adviser Charges More Transparent
recently Introduced Consultancy Charges Will Be Banned
companies, Products And Innovations
innovations
large Pension Providers Restructure For Auto-enrolment
the Consumer
consumers Have Low Levels Of Savings
figure 3: Amount Of Savings And Investments, April 2013
db Schemes Remain The Most Common Form Of Occupational Pension
figure 4: Ownership Of Financial Products, April 2013
a Fifth Of Consumers Work In Small Businesses
figure 5: Type Of Employer, April 2013
consumers Are Split As To Whether They Want Employers To Help With Financial Planning
figure 6: Attitudes Towards Employer’s Role In Financial Planning, April 2013
consumers Have Low Levels Of Engagement With Their Workplace Pensions
figure 7: Attitudes Towards Managing Employer Pensions, April 2013
a Fifth Of Consumers Don’t Have A Company Pension Because They Can’t Afford It
figure 8: Reasons For Not Owning An Employer Pension, April 2013
Occupational and Group Pensions - UK - June 2013

2. what We Think
issues In The Market
where Are The Auto-enrolment Opportunities For Pension Providers?
will Master Trusts Come To Dominate The Market?
how Will Simplicity Be Introduced To The Workplace Pensions Market?
to What Extent Do Consumers Engage With Occupational Pensions?
is There Consumer Demand For Employer-led Financial Services?
trend Application
increasing Awareness To Manage Consumers Retirement Expectations
bring In The Experts
the Next Generation Of Savers
regulation And Legislation
key Points
the Auto-enrolment Rollout Has Begun
figure 9: Amount Of Auto-enrolment Contributions, May 2013
impact Of Auto-enrolment
expected Take-up And Opt-out Rates
figure 10: Likelihood Of Opting Out Of Pension Auto-enrolment, July 2012
kiwi Saver – A Working Example Of Auto-enrolment
the Oft Takes A Closer Look At The Workplace Pension Market
the Rdr Will Help To Make Workplace Pensions More Transparent
ban On Consultancy Charging Imminent
single Tier Pension Introduced
contracting Out
the Pension Protection Fund
market Drivers
key Points
the Uks Ageing Population Will Put Strain On Retirement Income
figure 11: Uk Population, By Age, 2010-35 (2010-based Projections)
longer Life Expectancy Means People Will Have To Save More
figure 12: Cohort Life Expectancy At Age 60, By Gender, 1981-2059
consumers Will Work For Longer
figure 13: Proportion Of Active Members Of Private Sector Occupational Pension Schemes Which Allow
Members To Work Beyond Normal Pension Age, By Benefit Structure And Whether A Pension Can Be
Drawn While Continuing To Work, 2011
Occupational and Group Pensions - UK - June 2013

3. contribution Rates Remain Higher To Db Than Dc Schemes
figure 14: Weighted Average Contribution Rates To Private Sector Occupational Pensions Schemes, By Size
And Benefit Structure And Contributor (percentages), 2011
pension Liabilities Set To Increase
figure 15: The Number Of Occupational Pensions In Payment, By Sector, 2012
three Quarters Of Companies Offer Some Form Of Pension To Their Staff
figure 16: Proportion Of Employers Offering Benefits To All Employees, 2009-13
swot Analysis
figure 17: Swot Analysis For Occupational Pensions Market, June 2013
who’s Innovating?
key Points
lack Of Innovation In The Marketplace
master (or Super) Trusts Could Tackle Issue Of Job Mobility
workplace Isas Give Consumers More Flexible Savings Options
alternative Assets To Back Up Pension Fund Liabilities
defined Ambition And Cash Balance Schemes
occupational Scheme Membership
key Points
fewer Private Companies Offer Pension Benefits
figure 18: Number Of Active Occupational Pension Scheme Members, Pensions In Payment And Preserved
Entitlements – Uk, By Sector, 2007-11
note On Double Counting
private Sector Contributions Diminishing
figure 19: Number Of Active Private Sector Occupational Scheme Members – Uk, 1995-2011
the Private Sector Moves Away From Db Schemes In Favour Of Dc
figure 20: Number Of Active Members Of Occupational Pension Schemes – Uk, By Status, Sector
And Benefit Structure, 2011
large Companies Are The Main Source Of Occupational Pensions
figure 21: Number Of Active Members Of Private Sector Occupational Schemes (open And Closed) –
Uk, By Size And Benefit Structure, 2011
db Schemes Look To Minimise Costs
figure 22: Proportion Of Active Members Of Private Sector Db Occupational Pension Schemes, By Changes
Made To The Scheme Since April Of The Previous Year, 2009-11
dc Schemes Become More Accessible, Ready For Auto-enrolment
figure 23: Proportion Of Active Members Of Private Sector Dc Occupational Pension Schemes, By Changes
Made To The Scheme Since 6 April Of Previous Year, 2009-11
Occupational and Group Pensions - UK - June 2013

4. market Size And Forecast
key Points
insurer-administered Occupational Pension Market
new Regular-premium Contracts Declined By 12% In 2012
figure 24: New Insurer-administered Occupational Pension Business (volume And Value), 2007-12
regular Premiums Fall In Preparation For Auto-enrolment
figure 25: New Insurer-administered Occupational Pension Premiums, By Sub-sector, 2007-12
tip Sales Gather Momentum
employers Look To Bulk Buyouts To Reduce Their Liabilities
occupational Pension Membership Declines By 29% In The Last Five Years
figure 26: Insurer-administered Occupational Pension Business In Force, 2007-11
insurer-administered Schemes Expected To Grow
figure 27: Forecast For New Insurer Administered Occupational Pension Premiums, 2007-17
figure 28: Value Sales For New Insurer-administered Occupational Pension Premium Value, 2007-17
gpps
gpp Have Grown Steadily In Over The Last Five Years
figure 29: New Gpp Business, 2007-12
new Gpp Business Forecast
figure 30: Forecast Of New Gpp Premiums – Fan Chart, 2007-17
figure 31: Value Of Gpp Premiums, 2007-17
forecast Methodology
provider Ranking And Supply Structure
key Points
large Pension Providers Restructure In Preparation For Auto-enrolment
figure 32: Ranking Of Top 20 Providers Of Insurance-administered Occupational Pension Schemes, By Gwp,
2010-11
other Players In The Supply Structure Of Occupational Pensions
investment Management Companies
pension Ifas
benefit Consultants
companies And Products
aegon Uk
figure 33: Key Financial Data For Aegon – Uk Operations, 2011-12
legal & General
figure 34: Key Financial Data For Legal & General (savings Business), 2011-12
lloyds Banking Group
figure 35: Key Financial Data For Lloyds Banking Group (uk Business), 2011-12
prudential
figure 36: Key Financial Data For Prudential Plc, 2011-12
Occupational and Group Pensions - UK - June 2013

5. royal London Group/scottish Life
figure 37: Key Financial Data For Royal London Group, 2011-12
standard Life
figure 38: Key Financial Data For Standard Life, 2011-12
brand Communication And Promotion
key Points
adspend On Pension Products Increases By 73% In 2013
figure 39: Total Advertising Expenditure On Pension Products And Services, 2009-12
soaring Adspend Is Mainly Attributed To Auto-enrolment
figure 40: Advertising Expenditure On Pension Products And Services, By Product Category, 2009-12
dwp Spends Big On Advertising
figure 41: Top Six Advertisers Of Pension Products, 2012
channels To Market
key Points
financial Advisers Increase Their Role In The Regular-premium Occupational Pension Market
figure 42: Distribution Breakdown Of New Insurer-administered Occupational Pension Business –
Regular Premium, 2007-12
rdr Impacts Distribution Of Single Premium Insurer Administered Pensions
figure 43: Distribution Breakdown Of New Insurance-administered Occupational Pension Business –
Single Premium, 2007-12
financial Advisers Dominate The Gpp Market
figure 44: Distribution Breakdown Of New Insurance-administered Gpp Business – Regular Premium,
2007-12
figure 45: Distribution Breakdown Of New Insurance-administered Gpp Business – Single Premium,
2007-12
level Of Investible Assets
key Points
a Quarter Of Consumers Have No Savings Or Investments
figure 46: Level Of Investible Assets, April 2013
levels Of Savings And Investments Increase With Age
figure 47: Amount Of Savings And Investments, By Demographics, April 2013
ownership Of Pension Products
key Points
current Levels Of Occupational Pension Ownership Are Low
figure 48: Ownership Of Saving And Investment Products, April 2013
Occupational and Group Pensions - UK - June 2013

6. widespread Ownership Of Cash Savings
dc Schemes Growing For Younger Consumers
figure 49: Ownership Of Financial Products, By Demographics, April 2013
types Of Employer And Occupational Pension Provision
key Points
over Half Of Adults Employed In The Private Sector
figure 50: Type Of Employer, April 2013
the Largest Hurdle For Auto-enrolment Will Be Small Businesses.
private Sector Businesses With Fewer Than 50 Employees Are Least Likely To Offer Pension Benefits
figure 51: Ownership Of Pension Products, By Type Of Employer, April 2013
the Role Of Employers In Financial Planning
key Points
almost Half Of Consumers Want More Employer Interaction With Their Finances
figure 52: Attitudes Towards Employer’s Role In Financial Planning, April 2013
over A Quarter Of Consumers Want More Flexible Savings Products
small Business Employees Want Less Employer Interaction Compared To The Public Sector
figure 53: Type Of Employer, By Attitudes Towards Employer’s Role In Financial Planning, April
2013
consumers With No Savings Or Investments Do Not Want Help In Managing Their Finances
figure 54: Attitudes Towards Employer’s Role In Financial Planning, By Amount Of Savings And
Investments, April 2013
consumers With Savings Up To £49,000 Have Been Neglected And Crave Advice
consumers Who Want Financial Involvement Are More Likely To Own Workplace Pensions
figure 55: Ownership Of Financial Products, By Attitudes Towards Employers Role In Financial Planning,
April 2013
managing Occupational Pensions
key Points
only A Third Of Consumers Know How Much Their Pension Is Worth
figure 56: Attitudes Towards Managing Employer Pensions, April 2013
consumers Say They Don’t Rely On Their Workplace Pensions, But They Will
occupational Pensions Are Underrated
consumers Who Don’t Want Employer Involvement Are The Ones Who Need It
figure 57: Attitudes Towards Managing Employer Pensions, By Attitudes Towards Employer’s Role
In Financial Planning, April 2013
the Move From Db To Dc Schemes Will Make For A More Engaged Workforce
figure 58: Attitudes Towards Managing Employer Pensions, By Ownership Of Financial Products, April 2013
owners Of Db Pensions Value Their Employer Contribution More
Occupational and Group Pensions - UK - June 2013

7. figure 59: Attitudes Towards Managing Employer Pensions, By Ownership Of Financial Products, April 2013
barriers To Contributing To An Occupational Pension
key Points
financial Pressures Restrain Pension Saving For A Fifth Of Consumers
figure 60: Reasons For Not Owning An Employer Pension, April 2013
occupational Pension Ownership Will Be More Universal
a Small Proportion Put Off Occupational Pension Savings Due To Procrastination
small Businesses Are Less Likely To Offer Pension Schemes
figure 61: Reasons For Not Owning An Employer Pension, April 2013
appendix – Market Structure
options For Workplace Pensions
figure 62: Framework For Workplace Pensions, 2013
main Parties In The Occupational Pensions Market
figure 63: The Main Participants In The Occupational Pensions Market, 2013
appendix – Insurer-administered
total Value Of Regular And Single Premium Insurer-administered Policies
figure 64: New Insurer Administered Occupational Pension Scheme Regular Premiums, 2007-17
figure 65: New Insurer Administered Occupational Pension Scheme Single Premiums, 2007-17
appendix – Gpp
total Volume Of Regular And Single Premium Gpp Policies
figure 66: Group Personal Pension Business In Force, 2007-11
total Gpp Market Volume
figure 67: Number Of New Gpp Premiums, 2007-17
figure 68: New Gpp Premiums, 2007-17
regular Premiums
figure 69: Regular Premiums, 2007-17
figure 70: Regular Premiums, 2007-17
single Premiums
figure 71: Single Premiums, 2007-17
figure 72: Single Premiums, 2007-17
regular Premium Policies
figure 73: Regular Premium Policies, 2007-17
figure 74: Regular Premium Policies, 2007-17
single Premium Policies
figure 75: Single Premium Policies, 2007-17
Occupational and Group Pensions - UK - June 2013

8. figure 76: Single Premium Policies, 2007-17
appendix – Level Of Investible Assets
figure 77: Most Common Amount Of Savings And Investments, By Demographics, April 2013
figure 78: Next Most Common Amount Of Savings And Investments, By Demographics, April 2013
appendix – Ownership Of Pension Products
figure 79: Ownership Of Saving, Investment And Pension Products, By Demographics, April 2013
figure 80: Ownership Of Saving, Investment And Pension Products, By Demographics, April 2013
(continued)
figure 81: Ownership Of Other Saving, Investment And Pension Products, By Demographics, April 2013
appendix – Types Of Employer And Occupational Pension Provision
figure 82: Most Common Type Of Employer, By Demographics, April 2013
figure 83: Next Most Common Type Of Employer, By Demographics, April 2013
appendix – The Role Of Employers In Financial Planning
figure 84: Most Common Attitudes Towards Employers Role In Financial Planning, By Demographics, April
2013
figure 85: Next Most Common Attitudes Towards Employers Role In Financial Planning, By Demographics,
April 2013
appendix – Managing Occupational Pensions
figure 86: Most Common Attitudes Towards Managing Employer Pensions, By Demographics, April 2013
figure 87: Next Most Common Attitudes Towards Managing Employer Pensions, By Demographics, April
2013
appendix – Barriers To Contributing To An Occupational Pension
figure 88: Reasons For Not Owning An Employer Pension, By Demographics, April 2013
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