UK Pensions Market Report- Analysing Market by Product and COVID-19 Impact on Consumers’ Attitudes and Behaviours

The UK Pensions Market research report also includes analyzing all the organizations operating in the market and leadership mapping. In addition, UK Pensions Market provides a strategic standpoint of the industry, such as measures drivers and government rules and policies. Finally, UK Pensions Market analyzes the efficacy of the government led-strategies and policies promoting the UK Pensions Market and industry.

Get FREE PDF Sample of the Report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=4763415

The COVID-19 pandemic caused the UK pensions market to shrink drastically, falling by 21.9% to £12.8bn annual premium equivalent (APE) in 2020. Although all types of pensions contracted, work-based pensions (which account for the largest share of the total) saw the least severe decline (-15.6%). Workplace pension participation leveled off, while the government’s furlough scheme compromised growth, with contributions being based on an employee’s reduced salary rather than their full wage. The pensions market is projected to grow to £19.2bn APE by 2025, representing a compound annual growth rate of 8.4%. Growth will be slower in the early years of the forecast period as ongoing restrictions will continue to impact both the way businesses operate and employment rates in the short term.

UK Pensions Market Report examines how the pensions market is changing. It explores how consumers’ attitudes and behaviors towards long-term saving, planning for retirement, and accessing private pensions have been impacted as a result of the COVID-19 pandemic.

UK Pensions Market 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. Data on annuities and income drawdowns is also provided. The size of the pensions market has been forecast to 2025.

Scope of this Report-
- Single individuals need to supplement the state pension by more than £11,500 per annum to achieve a reasonable lifestyle in retirement. Longer life expectancies mean that women need larger pension pots than men for the same retirement income, highlighting the gender gap in pensions.
- Since the outbreak of COVID-19, confidence that pensions are enough to last throughout retirement has eroded for 23.4% of non-retired individuals. The most negative sentiment is among unemployed and furloughed individuals.
- 14.7% of over 55s cited that they had withdrawn money from their private pensions. More than half of all pension plans are emptied at the first time of access.

Reasons to Buy this Report-
- Examine the size of the pensions market
- Discover how consumers save towards retirement
- Learn how individuals access their private pensions for the first time
- Understand trends in income drawdowns and annuities
- Explore the gender gap in pensions
- Understand the impact of COVID-19 on the market, sentiment, and customer behavior
- Understand the impact of the furlough scheme

Get Discount on Purchase this Report @ https://www.reportsnreports.com/purchase.aspx?name=4763415

Table of Contents
1. Executive Summary
1.1 Market overview
1.2 Key findings
1.3 Critical success factors
2. The State Pension and Retirement Planning
2.1 Most adults retire once they can access the state pension
2.2 The state pension is insufficient to live comfortably on
2.3 COVID-19 and Brexit will impact retirement plans
3. Private Pensions: Market Size and Players
3.1 New pension contributions plummeted amid COVID-19
3.2 BlackRock and Rothesay Life lead the market for pensions
3.3 Other market developments
4. Saving for Retirement
4.1 More adults save into a workplace pension because of AE
4.2 Pension pot characteristics and saving attitudes
5. Pension Decumulation
5.1 Many over 55s withdrawing from their pensions are putting at risk their long-term savings
5.2 Accessing pensions for the first time
5.3 Income drawdowns and annuities
6. Lifestyle in Retirement
6.1 Retirees have confidence in their retirement funds
7. Appendix
7.1 Abbreviations and acronyms
7.2 Definitions
7.3 Methodology
7.4 Secondary sources
7.5 Further reading
and more...

+ 1 888 391 5441
sales@reportsandreports.com

ReportsnReports.com is your single source for all market research needs. Our database includes 500,000+ market research reports from over 95 leading global publishers & in-depth market research studies of over 5000 micro markets.

This release was published on openPR.