About the market:

Research shows that the general public have limited trust and interest in pensions, with many putting off or ignoring the question of how they will manage financially in retirement. A number of factors have contributed to this situation, including incidents of pensions mis-selling, increasing stockmarket volatility and uncertainty surrounding investment returns, lower annuity yields, occupational pension fund deficits, final-salary scheme closures and the debate surrounding contracting out of the State Second Pension.

Apart from the wider changes affecting all areas of the pensions industry, there is a very important trend that has specific implications for the future of the occupational pensions sector. Largely triggered by the stock market crash of 2000, over the past five years there has been an escalation in the number of final-salary scheme closures and concurrently an increase in the adoption of less generous defined-contribution (or money-purchase) schemes.

About Mintel’s research:

Mintel’s report provides the latest independent consumer research and analysis of the most up-to-date market data to offer an in-depth study of the occupational pensions sector. Giving you all the insight and inspiration you need for designing intelligent, informed and targeted marketing, this report provides:

the context for the current state of the pension market, including recent regulatory developments

an examination of the main factors impacting on the market, such as demographic trends, investment conditions, employer activity and employee behaviour and psychology

an analysis of the market’s size and value

an appraisal of the supply side of the market

comments on issues such as promoting pensions and distributing information to employees/members

an overview of general consumer financial activity (Premier editions only)

an investigation into product penetration, and consumer attitudes and behaviour towards occupational pensions and retirement saving in general

special further analysis (using CHAID and cluster models) to enable deeper understanding of specific target groups

a round-up of industry views (Premier editions only)

an analysis of future market development and five-year market size forecast.

Intriguing findings include:

Mintel’s independent consumer research shows that 31% of non-retired adults aged 18+ have an occupational pension scheme in which regular contributions are being made by themselves and/or their employer;

Mintel also asked all pension holders whether they were contracted in or out of the State Second Pension. Rather worryingly, over two fifths (43%) did not know the answer to this question.