By Research and Markets

The total UK pensions market grew 16.1% to £16.4bn annual premium equivalent (APE) in 2019. Workplace pensions drove growth as minimum pension contributions increased to 8%. Direct benefit to direct contribution transfers continue as companies de-risk and individuals take advantage of pension freedoms. COVID-19 will bring uncertainty to saving for retirement. The UK economy has officially entered into recession and disposable incomes are set to fall as unemployment rises.

This will force many individuals to temporarily stop making pension contributions as they cut non-essential spending. The UK pensions market is projected to contract at the start of the forecast period before returning to growth. This report examines how the pensions market is changing as consumers are encouraged to save in personal pensions while state pension funding is under pressure. It discusses the impact of auto-enrollment on saving, as well as other regulatory changes.

The report explores consumers’ attitudes towards planning for retirement, examines how engaged they are with their pensions, and identifies how they access financial advice on their investments. It also discusses how consumer awareness around pensions can improve with technological developments. The report provides current and historical data on the size of the market by product type – covering individual pensions, workplace pensions, and trust-based pensions – and distribution channel. The size of the pensions market has been forecast to 2024.

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