Occupational and Group Pensions - UK - June 2013
Introduction
 
Auto-enrolment will create substantial growth in the workplace pension markets over the next five years. Consumers who had previously never considered a pension will be automatically enrolled into a pension scheme. This will create new business for pension providers and help consumers to make better provision for their retirement.

However, the market place will become more competitive than ever before. Pension providers will have to work hard to differentiate themselves from the competition, and spend extra effort in guiding employers through the auto-enrolment process. Providers have the opportunity to strengthen their reputations by offering great service to both employers and employees, but could undermine this by expanding their business too quickly and not communicating effectively with their new customers.

This report provides insight into the occupational and group pension markets. It examines the impact of regulation, legislation, market trends, and product distribution. In addition to analysis of the major players in the occupational and group pension markets, Mintel’s exclusive consumer research explores attitudes towards employer provided financial planning and levels of consumer engagement with workplace pensions.

An overview of the structure of the occupational and group pensions market is included in the Appendix – Market Structure.

Abbreviations
ABI	Association of British Insurers	
AMPP	Active Money Personal Pension	
APE	Annual Premium Equivalent	
AVC	Additional Voluntary Contribution	
BoE	Bank of England	
CPI	Consumer Price Index	
DA	Defined Ambition	
DB	Defined Benefit	
DC	Defined Contribution	
DWP	Department for Work and Pensions	
EPP	Executive Pension Plan	
FTSE	Financial Times Stock Exchange	
FURBS	Funded Unapproved Retirement Benefit Scheme	
GPP	Group Personal Pension	
GWP	Gross Written Premiums	
IFA	Independent Financial Adviser	
ISA	Individual Savings Account	
LBG	Lloyds Banking Group	
LSE	London Stock Exchange	
NAPF	National Association of Pension Funds	
NEST	National Employment Savings Trust	
NMR	Nielsen Media Research. For further information, please contact nmr.communication@nielsenmedia.co.uk	
NS&I	National Savings & Investments	
OFT	Office of Fair Trading	
ONS	Office for National Statistics	
OPSS	Occupational Pension Scheme Survey	
Plc	Public Limited Company	
PPF	Pension Payment Fund	
PR	Public Relations	
QE	Quantitative Easing	
RDR	Retail Distribution Review	
RPI	Retail Price Index	
SAYE	Save As You Earn	
SIPP	Self-invested Personal Pension	
SME	Small and Medium-sized Enterprise	
SSAS	Small Self-Administered Scheme	
SWOT	Strengths, Weaknesses, Opportunities, Threats	
TIP	Trustee Investment Plan	

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