UK Annuities and Income Drawdown Market Report 2022
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The UK Annuities and Income Drawdown Market Report examines consumers’ behaviours and attitudes towards retirement income products, ownership of pensions and the impact of the inflationary pressures on the income drawdown and annuity market. This report covers the UK retirement income market size, market forecast, market segmentation and trends in the UK retirement income market
Both income drawdown and annuity market sales volumes have bounced back after declining in 2020 and will continue to grow in 2022. Annuity market rates have improved, while the desire for a secure income will underpin growth. However, income drawdown remains the preferred option, and the flexibility offered will continue to support further growth in this segment.
Mintel’s annuities and income drawdown market report forecasts that long-term inflation could erode the value of pension pots. This, combined with economic uncertainty, could lead to a more cautious approach, and some of those nearing retirement may opt to postpone retirement altogether.
Mintel’s retirement income market research indicates that the long-term outlook for income drawdown and annuity market is positive. Economic conditions should normalise, moving beyond the pandemic and inflationary pressures. In addition, as the UK population continues to age, there is an increasing pool of potential customers for the retirement income market to target.
To discover more about the UK Annuities and Income Drawdown Market Report 2022, read our UK Personal Pensions Market Report 2022, or take a look at our Financial Services Market Research Reports.
Brands: Aviva, Legal & General, Canada Life, Just Group, Scottish Widows.
Products: Retirement income solutions aimed at defined contribution pension savers.
This report, written by Stefania Apostol, a leading analyst in the financial sector, delivers in-depth commentary and analysis to highlight current trends in the retirement income market and add expert context to the numbers.
The retirement income market has bounced back from the pandemic-induced dip, and the outlook is positive, supported by an increasing pool of potential customers. Rising annuity rates and the desire for a secure income are likely to make this option more attractive. However, consumers continue to value the flexibility of drawdown arrangements, and this remains the most popular option. While pension savers are concerned about the impact of inflation on their pension pots, the cost of living crisis could drive more to access their retirement funds to cope with rising prices.”
Stefania Apostol
Financial Services Analyst
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*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.