United Kingdom (UK) Pensions Market Size, Trends, Competitive Landscape and Forecasts, 2022-2026

Aviva
Lloyds Banking Group
Prudential
Phoenix Group
Zurich Financial Services
BlackRock
M&G
Liverpool Victoria Financial Services
NFU Mutual
British Airways
Fidelity
LV=
Rothesay Life
Royal London Mutual
Pension Insurance Corporation (PIC)
Just Group
Canada Life
MEDGULF
Outokumpu
Threadneedle
Tumelo
Standard Life
Legal & General
Hodge Lifetime
Just
Scottish Widows Master Trust
Uber

List of Figures

Figure 1: The SPA will rise to 68 by 2039

Figure 2: Most individuals retire at around the SPA

Figure 3: The state pension pay of women is lower than for men

Figure 4: An increase to qualifying years makes non-retirees less confident they will receive the full state pension

Figure 5: Adults who are not yet retired value the state pension less than those who are retired

Figure 6: Most individuals desire a retirement income of between GBP1,000 and GBP1,999 per month

Figure 7: Men want a higher monthly income in retirement than women

Figure 8: Single individuals need at least GBP10,900 per annum in retirement to cover expenses

Figure 9: Due to their longer life expectancies, women require larger pension pots than men do in order to have the same income in retirement

Figure 10: Non-retired individuals are more concerned about their retirement income covering their cost of living

Figure 11: 30-39-year-olds are most likely to say their retirement income cannot cover their living expenses

Figure 12: APE for all pension types except trust-based pensions grew in 2021

Figure 13: Almost a third of self-employed individuals think their employment status will adversely impact their retirement income

Figure 14: The independent advice channel dominates in terms of pension distribution

Figure 15: The pensions market is forecast to grow to 2026f

Figure 16: Growth in workplace pension participation grew once more in 2021

Figure 17: The majority of younger adults have started a workplace pension due to AE

Figure 18: Involvement in workplace pensions is incredibly low among individuals aged 16 to 21

Figure 19: A third of individuals would never opt out of their workplace pension, regardless of the contribution rate

Figure 20: There has been a shift away from DB towards DC schemes

Figure 21: Many adults consolidate their pension pots once they reach the SPA

Figure 22: 56.8% of individuals contribute at least 6% of their income to pensions

Figure 23: 98.7% of full-time employees make contributions towards a pension

Figure 24: The largest proportion of employers match the contribution of their employees

Figure 25: Few individuals actively choose the investments in their pension plan

Figure 26: Over the course of their working lives, many lose sight of how much their pension is worth

Figure 27: A sizable proportion of individuals 55 and above have pension funds worth over GBP100,000

Figure 28: The pension pots of women approaching the SPA are smaller than those of men

Figure 29: Over 55s have flexibility in terms of drawing pension income

Figure 30: The largest proportion of over 55s withdrawing from pensions use the funds for everyday expenses

Figure 31: Most people delay claiming a pension in order to continue working longer

Figure 32: When a pension plan is accessed for the first time, more than half are completely withdrawn

Figure 33: Small pension pots are typically completely withdrawn when initially accessed

Figure 34: Income drawdowns and annuity sales have recovered following the pandemic

Figure 35: The value of taxable flexible payments from pensions increased in 2021

Figure 36: More than 90% of people claim that their lifestyle after retirement is better than or as expected

Figure 37: Most retirees are convinced their pensions and savings will sustain them for the rest of their lives

Figure 38: Just under half of retirees review their budgets once a month