The pre- and post-retirement markets have seen some of the biggest changes for a century in the last couple of years, and these are clearly translating through to a sales impact on pensions. Automatic enrolment will be the major driving force behind premium income growth over the next five years, outweighing any other combination of consumer trends and macroeconomic factors.
- The introduction of pension freedoms in 2015 is already having a massive impact on the post-retirement market.
- Auto-enrolment is a cornerstone of growth.
- There has been clear growth in the individual pensions market, with premiums up 63.7% between 201315 to 1.65bn annualized premium equivalent (APE).
- Retirement saving is more than just pensions.
Verdict Financials UK Pensions Snapshot provides a high-level view of the UK pensions market, looking at how new pension freedoms and auto-enrolment are shaping the market. It outlines new regulations, analyzes the three major pension groups, and provides a five-year forecast for the market.
- Ensure you pensions strategy is in line with how the market is changing.
- Ensure your distribution strategy adapts to the changing landscape.
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