Pension reforms are going to encourage much-needed
innovation in the occupational pension market. Pension providers will have to
create more efficient business models if they want to engage with employees on
low wages and SMEs and reap the rewards of auto-enrolment. Appealing to the
mass market will have to involve stripping down internal systems and processes
and re-engineering them from the consumer’s point of view.
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Introduction
Abbreviations
Executive Summary
The market
Insurer-administered business will
continue to rise
Figure 1: New insurer-administered
occupational pension premiums, 2007-17
Figure 2: Forecast of new GPP
premiums, 2007-17
Market factors
Auto-enrolment will bring growth
opportunities to the market
RDR will make adviser charges more
transparent
Recently introduced consultancy
charges will be banned
Companies, products and innovations
Innovations
Large pension providers restructure
for auto-enrolment
The consumer
Consumers have low levels of savings
Figure 3: Amount of savings and
investments, April 2013
DB schemes remain the most common
form of occupational pension
Figure 4: Ownership of financial
products, April 2013
A fifth of consumers work in small
businesses
Figure 5: Type of employer, April
2013
Consumers are split as to whether
they want employers to help with financial planning
Figure 6: Attitudes towards
employer’s role in financial planning, April 2013
Consumers have low levels of
engagement with their workplace pensions
Figure 7: Attitudes towards managing
employer pensions, April 2013
A fifth of consumers don’t have a
company pension because they can’t afford it
Figure 8: Reasons for not owning an
employer pension, April 2013
What we think
Issues in the Market
Where are the auto-enrolment opportunities
for pension providers?
Will master trusts come to dominate
the market?
How will simplicity be introduced to
the workplace pensions market?
To what extent do consumers engage
with occupational pensions?
Is there consumer demand for
employer-led financial services?
Trend Application
Increasing awareness to manage
consumers retirement expectations
Bring in the experts
The next generation of savers
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Regulation and Legislation
Key points
The auto-enrolment rollout has begun
Figure 9: Amount of auto-enrolment
contributions, May 2013
Impact of auto-enrolment
Expected take-up and opt-out rates
Figure 10: Likelihood of opting out
of pension auto-enrolment, July 2012
Kiwi Saver – a working example of
auto-enrolment
The OFT takes a closer look at the
workplace pension market
The RDR will help to make workplace
pensions more transparent
Ban on consultancy charging imminent
Single tier pension introduced
Contracting out
The Pension Protection Fund
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