About the market:

Pensions providers are preparing for the introduction of pensions simplification in April 2006. Most players have already launched new-style products which are specifically designed to exploit the new pensions simplification rules. The industry now awaits full and final proposals from the Pensions Commission in the autumn of 2005. The Legislative Background and Definitions section of this report looks at regulatory issues in detail.

With an ageing population, extensive media rhetoric regarding pensions, a relatively low base interest rate encouraging spending and consumers continuing to distrust financial services companies, the drivers underlying the personal pensions market are complex.

About Mintel's research:

Pension products covered in the report include the stakeholder pension (SHP), the group personal pension (GPP), the self-invested personal pension (SIPP), free-standing additional voluntary contributions (FSAVCs) and standard personal pensions

Fusing together the latest consumer research and freshest market analysis, Mintel's new report offers you all the insight and inspiration you need for designing clever, creative and profitable marketing strategies in the personal pensions market. Use Mintel's research to:

Understand the major market trends and drivers

Discover what consumers think about pensions and tailor your business accordingly

Measure the popularity of various pension types and what drives consumers to choose them

Learn about general attitudes to saving

Spot new targeting opportunities

Pin point market potential before your competitors

Find out how to best reach key audiences with the most effective marketing communications

Measure market sizes and forecasts and build realistic business models.

Intriguing findings include:

IFAs accounted for the largest distribution share (81%) of new individual personal pensions in the first three-quarters of 2004.

Mintel’s consumer research shows that, rather worryingly, nearly half of consumers agreed that they save but not for their retirement. This suggests that pensions remain significantly unappealing to a considerable proportion of consumers.

People aged 25-34 and ABs were more likely to agree that they are saving but not for retirement.