Market Overview

UK Pensions Market 2018: Market Trend Report -


The "UK
Pensions Market 2018: Market Trend Report"
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An Extra 10.3 Million People have Workplace Pensions Since 2012 But
More Work is Needed

The UK pension market is large and diverse, with over 22 million
employees in the UK having a workplace pension with most of these
(around 16 million) enrolled in an occupational scheme. In 2017, over 2
million new pension products were sold to members of the public and UK
pension funds received total contributions of almost 190 billion,
representing a 20% rise over the level of 2016.

Between 2012 and 2018, an extra 10.3 million employees held a workplace
pension, with most signing up to workplace pensions because of
auto-enrolment (AE). The vast bulk of AE pension schemes established
have been Defined contribution (DC) schemes, primarily DC master trust
schemes. These changes have coincided with increased longevity and
generally low investment returns in recent years which have forced many
deferred benefits (DB) pensions schemes into financial deficit, with
employers increasingly closing their schemes to new members.

Despite this market size and level of growth, the market faces several
concerns. Specifically, the low level of knowledge and engagement of
consumers with their pensions, which is encouraging possibly unwise cash
withdrawals from DC pensions and unwise transfers from DB pensions.
There are also concerns about the low levels of contributions being made
into pensions, especially auto-enrolled workplace schemes. The
regulators are also looking more closely at the sector to improve the
operational efficiencies of pension schemes and improve the safety of
these schemes for their members.

In addition to the market size and trends, this report looks at the
structure of the market for pensions, discusses the drivers of demand,
the factors changing how the market operates and key developments with
the market. It also looks at the main pension providers and provides
forecasts to 2022.

Key Topics Covered:

  1. Executive Summary
  2. Introduction
  3. Market Structure
  4. Market Developments and Drivers
  5. The Key Players
  6. Market Size and Trend
  7. The Future
  8. Associations

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