Pensions Market Report 2006


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Published Date :
February 2006find similar
Report Type :
Market Reportfind similar
Report Sector :
Financial Servicesfind similar
Price :
£ 575
Contents :
15 Chapters

Table of Contents

The table of contents below is for Pensions 2006

Executive Summary

1. Introduction

The Topic

Objectives

Methodology

Original Research

Problems In The Research Process

Definitions

2. Strategic Overview

Introduction

Market Dynamics

Conflict Between Government Plans And Political Realities

'a' Day: Big Changes In April

Pension Protection Fund

Misleading Tax Relief

Liabilities Growing Faster Than Assets

Table: Financial Assets And Liabilities Of Households And Non-profit Institutions Serving Households (£bn And %), Annual Average, Quarter And Quarter

Static Contributions

Table: Personal Pensions For Individuals (£m), Years Endingth April-2005 And Months Endingth July

Table: Employers' And Employees' Contributions To Personal Pensions (£m), Years Endingth April-2005 And Months Endingth July

Figure: Minimum Contributions To Personal Pensions (£m), Years Endingth April-2005

Figure: Individuals' Contributions To Personal Pensions (£m), Years Endingth April-2005

Figure: Employers' Contributions To Personal Pensions (£m), Years Endingth April-2005

Figure: Total Contributions To Personal Pensions (£m), Years Endingth April-2005

Table: Contributors To Personal Pensions (000), Years Endingth April-2005 And Months Endingth July

Women Lag

Table: Pension Provision By Employment Status In The Uk By Sex And Age Band (% Of Adults Who Are Neither Students Nor Retired),/2004

Distribution

Whole Of Market And Multi-tie Advisers Dominate

Competitive Structure

Marketing Trends

Pensions Advertising Down

Consumer Trends

Hard-up, Hard To Save

Opposed To Later Retirement

No To Means Testing, Disquiet Over Higher-rate Tax Relief

Market Outlook

Polarisation

Key Points

3. The State Pension

Introduction

Pensions Commission Proposals: Clever Mix

Pension Change, Change, Change

The State Earnings-related Pension Scheme

State Second Pension

Universal Protected Pension

Better State Pension: Developing The Theme

Key Points

4. Personal Pensions

Introduction

`a' Day Dawns

Avoiding Commitment

Table: Contribution Limits For Personal Pensions In The Uk By Age (maximum % Of Salary), Untilth April

Single Up, Regular Down

Table: Individual Pension Business In Force At Year End By Number Of Policies And Value (000 And £m),-2004

Table: Personal Pensions Contributions By Category Of Contributor And Annual Income Band (000 Contributors And £), Year Endingth April

Stakeholder Pensions

Table: Stakeholder Pensions Contributions By Category Of Contributor And Annual Income Band (000 Contributors And £), Year Endingth April

Islamic Pension

Sipps Disappointment

Key Points

5. Annuities

Introduction

'a' Day: An End To Compulsory Annuities

Unsecured Income

Alternatively Secured Income

Secured Income

Lower And Lower

Table: Top Annuity Rates By Annual Income From A £100,000 Fund (£ And Index August=100), August, October, May And November

Payments, Costs And Discrimination

Key Points

6. Occupational Pensions

Introduction

Occupational Pensions After 'a' Day

Moving Away From Defined Benefit

Protecting Pensions

Occupational Pensions In Long-term Decline

Table: Live Private Occupational Pension Schemes In The Uk (number Of Schemes And %), As Atst March, And

Public Versus Private Sector: The Class Divide

Benefits For Directors And Members Of Parliament

Key Points

7. Promotion

Collapse In Pensions Advertising

Table: Main Media Advertising Expenditure On Pensions By Type Of Product (£000), Years Ending December-2004 And Year Ending September

Table: Major Pensions Providers In The Uk By Main Media Advertising Expenditure (£m And %),

Stakeholder Boomlet

Table: Major Advertisers Of General Pensions In The Uk By Main Media Advertising Expenditure (£m And %), Year Ending December

Rise And Rise Of Equity Release

Table: Leading Advertisers Of Pensions, Pension-related Products And Advice, And Equity Release By Main Media Advertising Expenditure (£m And %), Year Ending September

Key Points

8. An International Perspective

More Pensioners

Portable Pensions

Table: Pensions And Social Protection Spending Across The Eu By Country (% Of Gross Domestic Product), , And

Tightening The Screw

China Opens Up

The Us: Relatively Generous

Australia: Not A Pensioner's Paradise

Provident Fund Option

Kiwisaver

Key Points

9. Pest Analysis

Political Factors

Give With One Hand, Take With The Other

The Universal Protected Pension: A Cautious Option

Economic Factors

Chancellor Borrows More

Households Borrow More

Table: Quarterly Gross Savings And Loans To Individuals Outstanding (£m And %), Quarter-2005

Table: Income Bands And Average Spending For Uk Households (£ Per Week And Ratio),/2005

Table: Households' Pension Contributions, Savings And Debt Clearance (£ Per Household Per Week), /2004 And/2005

Low Incomes Predominate

Table: Income Bands By Gender Inland Revenue Estimates For The Uk By Range Of Total Income Before Tax (000 And %),/2005

Financial Wealth Recovers To A Point

Riches For The Few

Table: Estimated Distribution Of Marketable Wealth Including Dwellings In The Uk (%),,,, And

Table: Estimated Distribution Of Marketable Wealth Excluding Dwellings In The Uk (%),,,, And

State Spending On Pensioners

Table: Uk Government Spending On Pensions By Category (£m),/2005

Social Factors

Pensioners' Potential Political Power

Table: The Uk Projected Age Bands (000), ,, And

Progress Is Not Linear

Technological Factors

It To Help Customers

Key Points

10. Consumer Dynamics

Tax Relief: Too Favourable To Highest Earners?

Uncertain Opinions

Table: Summary Of Levels Of Agreement With Statements About Pensions (% Of Respondents), And

Contradictory Trends

Table: Summary Of Levels Of Agreement With Statements About Pensions (% Of Respondents), And

`save More? Sorry, Can't Afford It'

Table: Inability To Save More Money And Feeling `hard-up' (% Of Respondents Agreeing),

Homeowners Feel Fairly Comfortably Off

Table: Feeling Comfortably Off And Feeling Better Off Financially Now Than A Year Ago (% Of Respondents Agreeing),

One In Three Have Cut Their Spending

Table: More Anxious About Money Than A Year Ago And Deliberately Cutting Expenditure To Save For The Future (% Of Respondents Agreeing),

Trust In Pension Companies, But `no' To Working Until

Table: Trusting Pensions Companies To Invest Contributions Wisely And Belief That The Qualifying State Pension Age Should Be Raised To (% Of Respondents Agreeing),

Wishful Thinking About Working Past Retirement, But Reality About The State Pension

Table: Willingness To Work For As Many Years As Health Permits And Belief That The State Pension Will Provide Insufficient Support In Retirement (% Of Respondents Agreeing),

Means Testing Inhibits Saving

Table: Belief That It Is Not Worth Planning For Retirement Because The Future Is Unpredictable And Opinion That There Should Be A Higher Limit On Savings Allowed Before Loss Of Entitlement To State Benefits (% Of Respondents Agreeing),

The Social Divide

Table: Belief That Tax Relief On Pension Contributions Benefits High Earners To An Unfair Extent (% Of Respondents Agreeing),

Key Points

11. Company Profiles

Introduction

Mergers, Acquisitions And Ratios

Table: Comparative Ratios Of Selected Leading Pensions Providers (% And £),

Aviva

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Aviva Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Axa Group

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Axa Uk Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Canada Life

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Canada Life Ltd (£m, Number, % And £), Years Ending St December-2004

Future Developments

Equitable Life

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For The Equitable Life Assurance Society (£m, Number, % And £), Years Endingst December-2004

Future Developments

Friends Provident

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Friends Provident Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Hbos

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Clerical Medical Investment Group Ltd (£m, Number, % And £), Years Endingst December-2004

Table: Financial Results For Hbos Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Legal & General

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Legal & General Group Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Life Assurance Holding Corporation/windsor Life

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Life Assurance Holding Corporation Ltd (£m, Number, % And £), Years Endingst December-2004

Future Developments

Lincoln National (uk)

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Lincoln National (uk) Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Lloyds Tsb

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Scottish Widows Plc (£m, Number, % And £), Years Ending St December-2004

Table: Financial Results For Lloyds Tsb Group Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Prudential

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Prudential Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Resolution

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Resolution Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Scottish Equitable

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Scottish Equitable Plc (£m, Number, % And £), Years Ending St December-2004

Future Developments

Standard Life

Corporate Strategy

Advertising And Distribution

Profitability

Table: Financial Results For Standard Life Assurance Company (£m, Number, % And £), Years Endingth November And And Weeks Tost December

Future Developments

Summary

Key Points

12. The Future

Something Has Got To Give

Table: Older Workers In The Uk By Sex, Age And Employment Status (% And Million), Spring

Figure: Older Workers In The Uk By Sex, Age And Employment Status (%), Spring

Predicaments

What Role For The Private Sector?

Supporting The Property Market

Dwellings As Retirement Funds

Questionable Assumptions

Taxing Questions

Personal Options

Market Prospects

Key Points

14. Consumer Confidence

Methodology

The Willingness To Borrow

Table A: The Average Amount Consumers Are Willing To Borrow In Order To Purchase Expensive Items At Current And Constant November Prices (£ And £bn), November, February, May, August And November

The Desire To Borrow Stays Strong

Table B: The Number Of Adults Willing To Borrow In Order To Purchase Expensive Items (000 And %), November, February, May, August And November

The Willingness To Spend From Savings

Table C: The Average Amount Consumers Are Willing To Spend From Savings In Order To Purchase Expensive Items At Current And Constant November Prices (£ And £bn), November, February, May, August And November

Consumers Increasingly Cautious

Table D: The Average Amounts Adults Are Confident Spending To Purchase Expensive Items (£ And %), November, February, May, August And November

15. Further Sources

Professional Associations

Companies And Annual Reports

Publications And Research

General Sources

Government And Advisory Sources

Bonnier Information Sources

Other Reports