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市場調查報告書
改變風貌的英國離職人員取向金融商品
The Changing Face of the UK At-Retirement market
| 出版商 |
Datamonitor |
| 出版日期 |
2009年02月 |
商品編碼 |
82942 |
| 內容資訊 |
英文 40 pages |
| 價格 |
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改變風貌的英國離職人員取向金融商品 是由出版商Datamonitor在2009年02月所出版的。
這份英文市場調查報告書包含40 pages 價格從美金4495起跳。
Abstract
Introduction
With the UK at-retirement market facing challenges from economic turmoil
damaging value of pension pots and increasing longevity risk, the report
analyzes the strength of the at-retirement market & concludes that the
availability of flexible retirement products will reshape the market. The
report assesses the opportunity providers have in bringing innovative products
to the at-retirement market.
Scope of this research
- Provide insight into the changing behaviours and requirements of the
recessionary retiree.
- Comprehensive analysis of key features that consumers desire in their
at-retirement product.
- Identifies key competitors and examines their differing strategies in the
UK at-retirement market.
Research and analysis highlights
The need to focus innovation on a more flexible retirement income generating
product has never been more urgent. Today' s retirees have come unprepared for
their retirement life leaving providers with the challenge of finding a
solution.
Key reasons to purchase this research
Identifies the changing needs of today' s retirees and the key drivers of new
business Gain insight into competitor developments in the flexible annuity
space Understand how advisor knowledge of at-retirement products is a
prerequisite for success in the at-retirement market
Table of Contents
- OVERVIEW
- EXECUTIVE SUMMARY
- SPECIAL FEATURE: THE CHANGING FACE OF RETIREMENT
- In a turbulent market, retirees are failing to be adequately supported
leaving providers to find a solution
- Unprecedented low interest rates are devastating those approaching
retirement
- The housing market crash has made equity release an unfeasible option
to boost retirement income
- Demographic and lifestyle shifts necessitate providers to change the
at-retirement product landscape
- The ageing of the UK population is challenging the provision of
at-retirement products
- People are going through a longer stage between full employment and
full retirement
- Retirees face challenges from changing family structures despite
having a sense of freedom
- Providers can win new business in an uncertain climate by offering
flexible annuities
- Combating market volatility and changing demographics require products
to have flexibility and elements of guarantee
- Offering flexible annuities will help retirees against negative
effects of economic and demographic shifts
- Flexible annuities may only be for a targeted market
- Providers can capitalize further by increasing IFAs' knowledge of
flexible annuities
- Provider strategies for product innovation needs to address consumers'
barriers to save
- Long-term planning has been eschewed, with people assuming that they
will get retirement income from the buckling state system
- Lack of affordability is causing most retirees to have an
under-provision of pension savings
- Providers and advisors should support people to exercise personal
responsibility
- THE UK AT-RETIREMENT SEGMENT IS A HIGHLY ATTRACTIVE MARKET
- Providers can capitalize from people who are poised to enter the market
- Ageing baby boomers should result in a continued strong future demand
for at-retirement products
- The introduction of Personal Accounts will increase the value of the
UK annuity market
- New product innovations are increasing consumer interest in
at-retirement products
- New entries from the US are driving focus on more flexible products
- Market innovation has also focused on streamlining enhanced annuities
through efficient application processes
- Providers can take advantage of the small UK market for flexible
annuities
- Only three major competitors offer flexible alternative to annuities
in the UK at-retirement market
- Prudential is the largest UK at-retirement competitor and most popular
among IFAs
- Niche players such as Just Retirement are becoming a force to be
reckoned with
- Traditional annuities still lead the market but innovations are
increasing in presence
- Pension annuities are the leading retirement product
- Variable annuities have increasingly become part of a retirement plan
- However, there is still a market for income drawdown
- Equity release schemes as alternative investment approaches are seeing
an upturn despite recent turmoil
- Providers need to increase awareness of at-retirement products among IFAs
- IFAs will play a crucial role in the new retirement era
- IFAs dominate the distribution of pension annuities and income
drawdown products
- However, advisors vary in awareness of alternatives to fixed annuities
- The Open Market Option aims to improve market efficiency but customers
still lack awareness of the option
- APPENDIX
- Data
- Definitions
- Association of British Insurers' definitions of products
- Association of British Insurers' definitions of distribution channels
- Other definitions
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- TABLES
- Table: Changes and projections in population segments 1981--2031e (' 000s)
- Table: Pension annuities and income drawdown sales 2003--07 by
distribution channel, £m
- Table: At-retirement market, new business premiums 2003--08e, £m
- Table: The largest at-retirement players 2007
- FIGURES
- Figure: Longer life expectancies are producing a growth in the number of
older people in the UK
- Figure: Consumers are looking for security in retirement through
guaranteed retirement incomes
- Figure: Security is top of the priorities for advisors' clients
- Figure: A pensioner' s income demand changes as they pass through stages
of retirement
- Figure: A lack of advisor understanding is hampering growth in the
variable annuities market
- Figure: The UK at-retirement sets to benefit from baby boomers poised to
enter the market
- Figure: Prudential is the largest at-retirement player
- Figure: The annuities market has grown every year since 2004
- Figure: Most advisors do not currently sell variable annuities
- Figure: The majority of IFAs' clients take the Open Market Option
- Figure: Some consumers still do not know about the Open Market Option
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