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市場調查報告書
英國個人及團體年金市場：2009年
UK Individual and Group Pensions 2009
| 出版商 |
Datamonitor |
| 出版日期 |
2009年07月 |
商品編碼 |
96352 |
| 內容資訊 |
英文 59 pages |
| 價格 |
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英國個人及團體年金市場：2009年 是由出版商Datamonitor在2009年07月所出版的。
這份英文市場調查報告書包含59 pages 價格從美金4495起跳。
本報告書內容包括：以個人年金市場為目標的與個人年金帳戶制相關政策討論的服務業者介紹及年金保險產業整體活性化問題、市場規模及流通力學等綜合分析資訊。內容綱要摘記如下：
概要
實施概要
英國年金市場的未來
- 介紹
- 持續支配年金市場的個人年金及SIPP（自我投資型個人年金）
- 受到經濟情勢的影響，過去一直被壓抑的SIPP快速發展
- 定額保險市場在經濟不景氣中微幅成長
- 團體個人年金市場在過去5年內穩健成長
- 到目前為止，傾向自我管理的投資人期願是選擇商品的主要因素
- 給消費者更多彈性、更多投資選擇的權利保護型新SIPP的威力
- SIPP的高利率未必意味個人及利害關係人年金將結束
- 2012年個人年金帳戶制實施後，團體個人年金在年金制度内仍扮演重要角色的可能性
- 可望普及的團體SIPP，但要小心注意其快速成長造成的影響
- 大部分的國民都不會注意到個人年金合約造成的費用及風險
- 應分開理解建立年金基金及領取年金收入的概念
- 各人的退休計畫更具獨立性，必須具備確實掌握接受度風險的態度
- 股票成為長期良好的個人年金資源的一般觀念仍須被質疑
- 從年齡別人口結構判斷，年金儲蓄是必須的
- 雖然認為須為老年生活儲蓄，但實情卻是大眾仍未感受到其價值
- 不景氣情況下的大眾不期望更高的年金儲蓄
- 須教育大眾平衡短期及長期儲蓄的比例
- 價值感及短期評價是年金儲蓄的綜合障礙
- 民眾知道依賴的國家制度出現問題的同時，不會為了未來而儲蓄
- 政府改革案仍不足以充分刺激個人的老年儲蓄
- 個人為了獲得足夠的年金，必須負擔高額的私人儲蓄
- 期望能透過個人帳戶制解決長期老年儲蓄問題的政府
- 對目標達成不抱太大期望的個人帳戶制
- 政府及企業應要求消費者負起更重的退休後計畫的個人責任
- 個人帳戶制的效果仍不明確，市場將逐漸朝利害關係人及SIPP年金的兩極化發展
- 面臨RETAIL DISTRIBUTION REVIEW（RDR：零售流通修正法案）帶來的規範改革的年金市場
- RDR將刺激理財顧問提昇品質及老後計畫經費明確化
- RDR是因應現行市場缺陷的對策
- 現有法案的要旨是明確分離「銷售」及「諮詢」
年金商品創新的未來
- 在年金市場中競爭激烈的Prudential及Standard Life
- 挑戰大眾儲蓄障礙及嶄新的服務策略
- 服務企業的目標市場是即將退休、期望退休後穩定生活的勞動階層人口
- 服務企業也將目標市場鎖定在積極累積財富的富裕階層人口
年金商品流通的未來
- IFA（獨立理財顧問）雖是年金市場明確的存在，但大多數都將重點放在金字塔頂端市場
- 根據IFA的觀察，年金是相對容易銷售的商品
- 為SIPP的銷售帶來一定困難度的通路規範的改變
附錄
圖表
Abstract
Introduction
This report provides a comprehensive analysis of the individual pensions
market, sizing the market for individual pension products, as well as
providing insight into the distribution dynamics in the market. The report
gives focus on how providers and the pensions industry as a whole can boost
pension savings amid the government' s discussion of personal accounts to the
individual pensions market.
Scope of this research
- Examines the current shape of the individual pensions market and explores
factors that are currently limiting the sale of pensions products
- Comprehensive analysis of key products and regulatory trends affecting the
pensions market in 2009
- Assesses the strategies to combat key barriers to save for pension
provision with particular focus on market conditions and demographics
Research and analysis highlights
The dominance of personal pensions in the individual pensions market has been
overshadowed by the rise in popularity of SIPP products. Despite the strong
prevalence of personal pensions in terms of both single and regular premium
pensions new business, SIPPs have experienced the most impressive year-on-year
growth over the last five years.
A great deal of uncertainty surrounds the future of personal pensions and
stakeholder markets and much of its progression will also depend on the
effects of the government' s plans for personal accounts in potentially drawing
investors away from these pension products.
Key reasons to purchase this research
- Provides detailed analysis of developments in the individual pensions
market such as personal accounts
- Access Datamonitor' s forecasts for the future market size of the UK
Pensions market
- Identify competitor innovations and dynamics, and changes taking place in
the distribution dynamics of the market
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
THE FUTURE OF THE UK PENSIONS MARKET
- Introduction
- Personal pensions and SIPPs continue to dominate the pensions market
- The rise and rise of SIPPs have been subdued by the state of the economy
- The regular premium market saw slight growth amid economic turmoil
- The group personal pensions market has seen healthy growth over the past
five years
- Investor desire for self-control has been a driver for choice of product
- New SIPP powers to hold protected rights will increase flexibility and
investment choice for consumers
- The increasing interest in SIPPs does not necessarily signal an end for
personal and stakeholder pensions
- Group personal pensions may play a key role in pensions beyond the
introduction of Personal Accounts in 2012
- Group SIPPs are expected to flourish, but their emergence should be
treated with caution
- Most people are not well equipped to deal with the costs and risks
involved in private pension provision
- People must be able to separate the concepts of building up a pension
fund and receiving pension income
- Individuals are increasingly on their own in planning for retirement and
need to understand the risks that they will shoulder
- The universally accepted belief that over the long term equities deliver
good private pensions may be in question
- Demographic trends are making pension savings a necessity
- People need to save for their retirement, but they are hindered by the
perception of affordability
- People are not prepared to take on higher pension savings during a
market downturn
- People need to be educated about striking the right balance between
short- and long-term savings
- Affordability and short-term views act as compound barriers to pension
savings
- People are not saving for the future, assuming they will be looked after
by the buckling state system
- Government reforms will not do enough to help individuals save for
retirement
- Individuals face bigger burdens on private savings to produce good
pensions
- The government hopes that Personal Accounts will address the problems of
long-term retirement savings
- Personal Accounts are unlikely to hit the target
- The government and industry must put more personal responsibility on
consumers regarding retirement planning
- The effectiveness of Personal Accounts is uncertain, and the market is
becoming increasingly polarized between stakeholder and SIPP pensions
- The pensions market faces regulatory changes from the Retail Distribution
Review
- The RDR will increase the quality of advice and promote transparency of
charges in retirement planning
- The RDR initiative aims to address current market failures
- The latest proposal outlines a clear distinction between ' sales' and
' advice'
THE FUTURE OF PRODUCT INNOVATION IN PENSIONS
- Prudential and Standard Life head the competition in the pensions market
- Prudential sits at the top spot in the single premium pensions market
- Standard Life dominates the regular premium pensions market in 2008
- Innovative strategies from providers must address people' s barriers to save
- Affordability is a great concern amongst non-savers
- Variable annuities can increasingly becoming part of a retirement and
investment plan
- Targeted marketing, rather than new product development, must be the
focus
- Providers and advisors should encourage people to exercise personal
responsibility
- Those who do not have a route into a pension scheme can always look into
alternatives to pension saving
- Providers should target those approaching retirement who want to secure
their retirement ambitions
- Accumulators are aged between 50 and 59, but have lifestage complexity
- Accumulators want their individual needs recognized with a personal
service and are attracted to convenience
- Providers should reward accumulators to incentivize this segment to save
- Providers should also target those with aspirations of accumulating wealth
- The pensions industry is missing the opportunity to harness the aspirer
market
- Connecting to the world and having a sense of belonging appeals to
aspirers
- Aspirers are increasingly seeking a purchase experience that is
efficient and convenient
- Providers should establish early relationships with aspirers to gain
business when they accumulate wealth
THE FUTURE OF PENSIONS DISTRIBUTION
- IFAs are well-established in the pensions market, but many are shifting
their focus up-market
- IFAs perceive that pensions will prove to be less difficult to sell than
other products
- IFAs will play a crucial role in the new pensions era
- Regulatory changes to distribution represent a particular challenge to the
sale of SIPPs
- Online distribution remains a promising area in the individual pensions
market
- Wrap platforms may soon reach a proliferation peak
APPENDIX
- Data
- Definitions
- Single premium policy
- Regular premium
- New business
- Life-based savings products
- In-specie contribution
- Pension product definitions
- ABI definitions of distribution channels
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Forecasts single premium pensions new business, £m annual
premium equivalent (APE), 2009 - 13
- Table: Forecast regular premium pensions new business, £m APE, 2009
- 13
- Table: Single premium pensions new business for the top 10 pensions
companies 2008, £m APE
- Table: Regular premium pensions new business for the top 10 pensions
companies 2008, £m APE
- Table: Total single and regular premium pensions new business by
distribution channel, £m APE, 2004 - 08
- Table: How do you see business in each of the following areas changing
over the next six months?
- Table: Forecast single and regular premium pensions new business by
distribution channel, £m APE, 2009 - 13
- Table: Single premium pensions new business premiums £m APE, 2004 -
08
- Table: Regular premium pensions new business premiums, £m APE, 2004
- 08
- Table: How do you rank the following companies in terms of their overall
service?
FIGURES
- Figure: Personal pensions and SIPPs still dominate single premium pension
sales in 2008
- Figure: The regular premium pensions market saw slender growth in 2008
- Figure: SIPP products will rise in popularity over the next five years
- Figure: Group personal pensions are forecasted to dominate the regular
premium pensions market
- Figure: Pressure on the working age population is increasing as more
people begin to retire
- Figure: Longer life expectancies are producing growth in the number of
older people in the UK
- Figure: Affordability is a strong barrier against saving for a pension
- Figure: Prudential dominates the single premium pensions field, with the
highest market share by percentage in 2008
- Figure: The majority of advisors view Prudential as a financially stable
life company
- Figure: Standard Life heads the group of leading regular premium pension
providers, with the highest market share by percentage in 2008
- Figure: Standard Life effectively employs use of celebrity to promote its
' Active Money' SIPP
- Figure: The accumulators are a significant part of the population in the UK
- Figure: Lincoln Financial Group offers a gentle reminder to consumers of
the future challenges they may face in their lifetime
- Figure: IFAs dominate the distribution of pension products
- Figure: Advisors believe pension business will see an increase over the
next six months
- Figure: IFAs will continue to be the predominant distribution channel in
the pensions market
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