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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