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Pocketmags Digital Magazines
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Pocketmags Digital Magazines

CATCH OF THE DAY

As the UK pension freedoms introduced two years ago raised customer awareness of the need for pension planning, exciting new market opportunities are there for the taking for those businesses angling for them

In the UK, we talk about our jobs, homes and cars on a regular basis but now, at last, we are also talking about another important factor: pensions.

At one end of the scale, auto-enrolment has forced people to consider how they engage with workplace pension savings, while at the other, pension freedoms have sparked interest in how they access their pension fund at retirement. Somewhere in the middle there is the fascinating world of transfers from defined benefit (DB) to defined contribution (DC) pensions.

There is still plenty of work to do in the pensions arena to further encourage customer engagement, including improved pensions education and communication; better transparency of pension/investment charges and terms; enhanced use of digital solutions across the pensions industry; cost-effective access to retirement advice for more of the population; and a continued focus on customer outcomes.

Here, we examine some of the key market challenges and opportunities for the companies targeting business in the UK pension/ retirement market and, by association, some of the implications for international propositions from this initial experience.

The awakening

The UK retirement market has evolved in the two years since pension freedoms were introduced. Many companies and stakeholders across the market have had to re-appraise and evaluate their strategies because of these changes and react to the emerging behaviours, developments and trends.

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