Pensions Report 2023
The aim of this report is to provide a detailed look at pension ownership and consumer attitudes towards pensions in the UK, and to explore the appetite for pension engagement and approaches to pension pot consolidation. This report also digs into the retirement journey, including financial plans for retirement, triggers to retirement and the role of semi-retirement / paid work in retirement.
Some Pension Snippets to whet your appetite…
• Pension ownership is higher than ever as a result of auto enrolment.
• Average balances are low — 3 in 10 of workplace pensions have less than £5,000 in.
• And the self-employed are not engaging — more than 3 in 10 have no pension at all.
• Tax benefits of private pensions remain poorly understood — less than one-quarter of those earning > £70,000 a year have a private pension.
• Pension consolidation is a key opportunity — 6 million adults are considering this and the total asset pool 'up for grabs' is > £430 billion.
• The biggest consolidation opportunity is with 45-54 year olds — in terms of both number of people interested and pounds.
• The under 45s have a very different view of 'retirement' — which features work, caring for grandchildren and caring for a partner.
Key chapters will include:
Pensions Landscape
• Pension ownership & profiling (incl. ownership of DB or DC pensions)
• Pension management (confidence and frequency of activity)
• Attitudes to pension saving
Consolidation
• Who’s the target market for consolidation
• Sizing the market for consolidation
• Past consolidation activity
Messaging & Engagement
• Engagement strategies for different life stages – accumulation, pre-retirement, semi-retirement, retirement
• Needs and barriers at each life stage
• Planned retirement age
• Plans to fund retirement
Competitor Analysis
• Pensions tracking and tracing
• Consolidation – content and features
• Retirement calculators
• Pension costs
Report outline:
Who’s it for?
Platforms
Banks
Life Companies
Asset Managers
Firms Selling - Consolidation; Pensions Advice / Guidance Propositions; SIPPs
What will it give you?
Understand the profile of the target market for pension consolidation, pensions advice propositions, and SIPPs
What are their needs, barriers, key messaging - In a constrained financial environment, how do you persuade someone to buy one of those things?
Estimated size of consolidation opportunity understanding
Consumer profiles to support marketing strategy and product design
Who we spoke to?
4,000 nationally representative UK adults
Get in touch with us to buy the report
Please contact dan@boringmoney.co.uk for more information or to request a call with the research team.
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