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市場調查報告書
改變面貌之英國退休金融市場：2010年
The Changing Face of the UK At-Retirement Market 2010
| 出版商 |
Datamonitor |
| 出版日期 |
2010年11月 |
商品編碼 |
143979 |
| 內容資訊 |
英文 Pages: 50 |
| 價格 |
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改變面貌之英國退休金融市場：2010年 是由出版商Datamonitor在2010年11月所出版的。
這份英文市場調查報告書包含Pages: 50 價格從美金4495起跳。
本報告為，關注英國退休金融市場，觀察因應法律改革對經濟、簽約、消費者問題等面之影響，並匯整各種年金及收入縮編產品未來發展預測及獨特調查數據，以下列摘要形式闡述。
概要
實施概要
- 區隔為2種類之退休金融產品
- 退休金融市場於2008年持平後於2009年下滑
- 消費者對無法穩定之老後收入感到不安但卻不熱衷於退休後生活設計
- 消費者對退休後使用之金融產品意識淡薄，認識主要產品特徵的人也不多
- 隨高齡化增加之年金負擔
市場情形
- 年金為第一名老年金融產品
- 退休金融市場於2008年持平後於2009年下滑
- 根據Datamonitor預測，退休金融市場於2010年至2014年止將些微增加
市場課題
- 消費者對無法穩定老後收入感到不安但卻不熱衷於退休後生活設計
- 消費者對退休後使用之金融產品意識淡薄，認識主要產品特徵的人也不多
- 消費者可透過自由選擇購買老年金融產品並獲得利益
- 對消費者更有彈性並加強退休金融市場重要改革之緊急預算案
- NEST（National Employment Savings Trust）之使用可能增加使用年金之退休人員
- 長壽化增加年金供應商之高額成本
- 階段性退休制度為近代老年金融市場因應資金困難之新對策
競合動態
- Prudential銷售大多的2009年年金產品
- Standard Life之2009年收入縮編市場佔有率為41.2%
- 供應商應貢獻消費者使用產品之多元性
通路動態
- IFA（獨立財務顧問）於2005年至2009年止仍陷入非仲介管道勢力之苦戰
- 2009年收入縮編市場中IFA依然佔優勢
- RDR（Retail Distribution Review）雖預估由實行至銀行保險人間有益之發展，但IFA仍持續追求新的業務
- 消費者老年計畫中對IFA依賴度有增加趨勢
- 2010年後RDR預測消費者追求建議層級之影響力
附錄
圖表
Abstract
Introduction
The at-retirement market in the UK is set to undergo changes in regulation.
This report aims to address the economic, regulatory and consumer issues
facing the market, and forecasts the future of both annuities and income
drawdown products, in light of the impact of these issues on the market.
Features and benefits
Product innovation is focusing on flexible annuities and pension plans that
allow consumers needs in retirement to be matched by retirement products.
IFAs dominate the distribution channel of at-retirement products, however
bancassurance can take advantage of opportunities to gain market share.
Highlights
Consumers are concerned about the amount that they are saving toward a
pension, but consumer engagement in the market is still falling below the
levels required to ensure a good retirement income.
IFAs remained the dominant distribution channel in 2009 and Datamonitor
forecasts this to continue as consumers seek even more advice in order to gain
the most out of their investments.
Product innovation from providers is focused on flexible annuities, addressing
the widening demands of retirees.
Your key questions answered
- Forecasts the at-retirement market with product and distribution splits,
allowing you to develop you companies business strategy.
- Provides detailed analysis of developments in the UK at-retirement market.
- Identifies product innovation strategies and competitor dynamics, giving
you insight into what the market is doing.
Table of Contents
- Overview
- Catalyst
- Summary
- Executive Summary
- There are two main products available in the at-retirement market
- The at-retirement market fell in 2009 after remaining flat in 2008
- Consumers are not prioritizing retirement planning, despite fears that
they will not be able to secure a good retirement income
- Consumers are unaware of the at-retirement products available, and many do
not understand their key features
- Annuity costs are rising as longevity increases
- IFAs remain the dominant distribution channel for both annuities and
income drawdown
- Market Context
- Pension annuities are the leading retirement product
- The at-retirement market contracted in 2009 after remaining reasonably
flat in 2008
- Datamonitor forecasts the at-retirement market to produce slight growth
between 2010 and 2014
- Market Issues
- Consumers are not prioritizing retirement planning, despite fears that
they will not be able to secure a good retirement income
- Consumers are unaware of the at-retirement products available and have
apathy for understanding key features
- Consumers can reap the rewards of shopping round and using OMOs to
purchase at-retirement products
- The emergency budget proposed key changes that will give consumers greater
flexibility and enhance the at-retirement market
- The introduction of NESTs will see an increase in the number of
at-retirement consumers with pension pots
- The increase in longevity is proving costly for annuity providers
- Phased retirement will be a popular option to combat the new financial
pressures facing the generation entering the at-retirement market
- Competitor Dynamics
- Prudential sold the most new business in annuities during 2009
- Standard Life held 41.2% of the income drawdown market in 2009
- Providers should help consumers move toward diversified alternatives
- Distribution Dynamics
- IFAs suffered at the hands of the non-intermediated channel over 2005-09
- IFAs continued to dominate the income drawdown market in 2009
- Bancassurers will benefit from the implementation of the RDR, while IFAs
will continue to seek new business
- Consumers will increasingly seek out independent financial advice when
contemplating retirement options
- Post 2010, the RDR will impact on the level of advice sought by consumers
- Appendix
- Supporting tables
- Definitions
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLE OF FIGURES
- Figure 1: Annuities can be grouped into four main groups
- Figure 2: With annuitization still compulsory, income drawdown remains
overshadowed
- Figure 3: Annuities will continue to dominate the retirement market over
2010-14
- Figure 4: One-third of people who do not pay into a pension feel that they
cannot afford to contribute
- Figure 5: 35-54 years olds are most concerned about their ability to
retire comfortably
- Figure 6: Only 38.8% of 35-49 year olds hold a pension product, despite
rising concerns over securing a good pension income
- Figure 7: Aviva aims to highlight to consumers their future financial
responsibility
- Figure 8: 89.9% of consumers on £75,000 or more believe that they
should be given more options when they enter the at-retirement market
- Figure 9: Trustworthiness is the most important attribute of a provider
- Figure 10: Only 32% of consumers purchased their annuity through OMOs in
2009
- Figure 11: NESTs will introduce an opt-out scheme, with a total
contribution of 8% of a employee' s salary being saved into a pension fund
- Figure 12: Men are closing the differential between the sexes' retirement
life expectancy at age 65
- Figure 13: The mean age of women giving birth has increased over the last
three decades
- Figure 14: Phased retirement is going to become an increasingly popular
retirement plan
- Figure 15: Prudential dominated the annuities market in 2009
- Figure 17: Prudential provide a holistic online service to help consumers
make an informed choice
- Figure 18: Prudential offers a clear range of retirement products
- Figure 18: AXA has rolled out a flexible annuity in UK, having already
proved popular in the US and Japanese markets
- Figure 19: Standard Life dominated the income drawdown market in 2009
- Figure 20: Aviva offers different types of equity release
- Figure 21: The non-intermediated channel gained market share over 2005-09
- Figure 22: IFAs still heavily dominate the distribution of income drawdown
- Figure 23: IFAs and bancassurers will increase their market share over
2010-14
- Figure 24: IFAs will increase their market share of the income drawdown
market over 2010-14
TABLE OF TABLES
- Table 1: New business premiums APE (£m), 2005-09
- Table 2: Annuities and income drawdown forecast, by new business premiums
APE (£m)
- Table 3: Annuity rates, by gender
- Table 4: Annuities distribution forecast, by new business premiums APE
(£m)
- Table 5: Income drawdown distribution forecast, by new business premiums
APE (£m)
- Table 6: Consumer concerns over having enough money to retire comfortably,
by age
- Table 7: Top 20 annuities providers, by new business premiums APE
(£m)
- Table 8: Top 10 income drawdown providers, by APE (£m)
- Table 9: Annuities distribution splits, by new business premiums APE
(£m)
- Table 10: Income drawdown distribution splits, by new business premiums
APE (£m)
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