United Kingdom (UK) Pensions Market Size, Trends, Competitive Landscape and Forecasts, 2022-2026
In terms of annual premium equivalent (APE), the United Kingdom (UK) pensions market size was valued at GBP13.9 billion in 2021. The market is expected to achieve a CAGR of more than 1% during 2021-2026. The growth will be slow across all years of the forecast period. Ongoing economic issues are expected to impact the unemployment rate as well as the amount individuals contribute to their pensions.
The United Kingdom (UK) market research report explores how consumers’ attitudes and behaviors towards long-term saving, planning for retirement, and accessing private pensions are changing because of the COVID-19 pandemic and economic uncertainty. The report also provides current and historical data on the size of the market by product type, covering individual pensions, workplace pensions, and trust-based pensions. Moreover, data on common retirement products (annuities and income drawdowns) is provided.
The UK Pension Market Overview, 2021 (GBP Billion)
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The UK Pensions Market Dynamics
Pensions will be more easily accessible because of the development of dashboards. It will become more visible, allowing people to monitor their pension balances thereby reducing the number of lost pensions. This will make it easier for individuals to plan for retirement as well as for promoting client engagement.
Since the state pension is not enough to support a reasonable lifestyle in retirement, providers will need to keep raising awareness of the need to save for retirement. In addition, the cost-of-living crisis could lead some individuals to stop making contributions toward their pensions.
The UK Pensions Market Segmentation by Type
The key pension types in the UK pensions market include trust-based pensions, work-based pensions, master trusts, and individual pensions. In 2021, the overall growth of the UK’s pension market is largely driven by work-based pensions. The increase in the number of employees across the UK making contributions to workplace pensions drove growth for this type of pension. However, due to the government’s COVID-19 furlough scheme, some of the growth in workplace pensions was limited, as contributions made were calculated on a reduced wage.
The UK Pensions Market Analysis by Types, 2021 (%)
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Competitive Landscape
Some of the leading providers in the UK pensions market are BlackRock, Aviva, Royal London Mutual, Lloyds Banking Group, Phoenix Group, M&G, Fidelity International, Liverpool Victoria Financial Services, Zurich Financial Services, and NFU Mutual. BlackRock was the largest provider of individual and workplace pensions in 2020 and was followed by Aviva.
The UK Pensions Market Report Overview
Market Size (2021) | GBP13.9 billion |
CAGR (2021-2026) | >1% |
Pension Types | Trust-Based Pensions, Work-Based Pensions, Master Trusts, and Individual Pensions |
Leading Providers | BlackRock, Aviva, Royal London Mutual, Lloyds Banking Group, Phoenix Group, M&G, Fidelity International, Liverpool Victoria Financial Services, Zurich Financial Services, and NFU Mutual |
The UK Pensions Market Pension Types Outlook (Value, GBP Billion, 2021-2026)
- Trust-Based Pensions
- Work-Based Pensions
- Master Trusts
- Individual Pensions
Reasons to Buy
- Examine the size of the pensions market
- Discover how individuals save toward retirement
- Learn how individuals access their private pensions for the first time
- Understand trends in the income drawdown and annuities segments
- Explore the gender gap in pensions
- Understand the impact of the cost-of-living crisis on the market, sentiment, and customer behavior
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The UK pensions market size was valued at GBP13.9 billion in 2021.
The UK pensions market is expected to achieve a CAGR of more than 1% during 2021-2026.
The key pension types in the UK pensions market include trust-based pensions, work-based pensions, master trusts, and individual pensions.
Some of the leading providers in the UK pensions market are BlackRock, Aviva, Royal London Mutual, Lloyds Banking Group, Phoenix Group, M&G, Fidelity International, Liverpool Victoria Financial Services, Zurich Financial Services, and NFU Mutual.
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