Consumers and Pension Auto-Enrolment - UK - September 2013:Latest Industry Size Research Report @ http://www.researchmoz.us/consumers-and-pension-auto-enrolment-uk-september-2013-report.html

1. Consumers and Pension Auto-Enrolment - UK - September 2013
The true test of auto-enrolment is how SMEs handle the administration of schemes as they approach their
staging dates. There are expectations that opt-out rates will be higher amongst these smaller employers, and
that the employers themselves will be ill prepared to deal with the implementation of the scheme.
table Of Content
introduction
abbreviations
executive Summary
consumers And Workplace Pensions
two Thirds Of Workers Have Access To A Company Pension
figure 1: Consumers And Company Pensions, July 2013
pension Market Overview
new Insurer Administered Occupational Pension Business Struggling
new Gpp Business Grew In 2012
personal And Stakeholder Pensions Set To Suffer Further
market Factors
october 2012 Saw The Start Of Auto-enrolment
early Figures Indicate That The Scheme Has Got Off To A Good Start
the Pensions Regulator Is Taking A Firm Approach In Assuring Compliance
increased Longevity Is Part Of The Justification For Auto-enrolment
ban On Consultancy Charging
abi Members Set To Disclose Fees And Charges Upfront
clause In The Pensions Bill Could See Small Firms Exempted From Auto-enrolment
intermediaries Prepare For A Busy Phase Of Auto-enrolment
market Consolidation Is Expected In The Coming Years
the Consumer
auto-enrolment Will Help To Address The Gap In Private Sector Pension Provision
figure 2: Type Of Employer, July 2013
awareness Of Auto-enrolment Is High Among Employees
figure 3: Awareness Of Pension Auto-enrolment, July 2013
less Than A Fifth Plan To Opt-out
figure 4: Likelihood Of Opting-out Of Auto-enrolment, July 2013
affordability Will Be The Main Driver Of Opt-outs
figure 5: Reasons For Opting-out Of Auto-enrolment, July 2013
Consumers and Pension Auto-Enrolment - UK - September 2013

2. transferable Pensions Are Attractive
figure 6: Workplace Pension Preferences, July 2013
employees Crave Employers Support Around Pension Saving
figure 7: Views About Pension Auto-enrolment, July 2013
what We Think
issues In The Market
will The Success Of Auto-enrolment Continue As Smaller Companies Reach Their Staging Date?
how Can The Number Of People Opting-out Be Managed?
how Can Providers Maintain Engagement And Keep People Enrolled?
are We Likely To See Compulsory Auto-enrolment In The Future?
trend Application
auto-enrolment Complexities Require A Considered Approach From Employers
decline Of Deference 33% Better Ways To Save
technology Will Change The Way That Workers Engage With Their Pensions
market Drivers
key Points
auto-enrolment Is Up And Running
dwp Research Shows That Opt-out Rates Are 9%
early Stats And Figures Are Encouraging
smes Will Mainly Rely On Nest
but Some Companies Are Missing Their Staging Dates
the Implementation Of Auto-enrolment Will Rely On Support Functions
increased Longevity Has Driven The Need For Pension Reform
figure 8: Life Expectancy At 65, 1981-2058
an Ageing Population Is Set To Put Pressure On Government Finances
figure 9: Projected Size Of The Uk Population, By Age Band, 2012-56
mps Have Called For A New Regulator To Regulate Workplace Pensions
abi Members Set To Disclose Workplace Pension Fees Upfront
auto-enrolment – Employers And Ifas
key Points
auto-enrolment Is Putting Employers Under A Lot Of Strain
concerns Around Smaller Firms Ability To Cope With Auto-enrolment
potential For Small Firms To Be Exempted From Auto-enrolment
dwp Bans Consultancy Charging
managing Costs Is A Concern For Firms Set To Implement Auto-enrolment
Consumers and Pension Auto-Enrolment - UK - September 2013

3. auto-enrolment Is Changing The Benefit Strategy In Many Firms
figure 10: Issues Shaping Benefit Strategy Of Those Responsible For Compensation And Benefits In Their
Organisation, 2013
abi Launches Tool To Help Employers Manage Costs
intermediaries Expecting An Upturn In Auto-enrolment Related Business
swot Analysis
figure 11: Swot Analysis
auto- Enrolment And Pension Providers
consolidation Expected Amongst Auto-enrolment Providers
nest
key Facts And Charges
recent Activity
b&ce – The People’s Pension
key Facts And Charges
now: Pensions
key Facts And Charges
recent Activity
selected Other Providers
standard Life
recent Auto-enrolment Activity
aviva
recent Auto-enrolment Activity
aegon
recent Auto-enrolment Activity
pension Market Overview
key Points
new Insurer-administered Occupation Pension Business Struggles In 2012
figure 12: New Insurer-administered Occupational Pension Business (volume And Value), 2007-12
dc Membership And Premiums Will Grow Through Auto-enrolment
figure 13: Insurer-administered Occupational Pension Business In Force, 2007-11
growth In New Gpp Business Will Continue As Auto-enrolment Is Implemented
figure 14: New Gpp Business, 2007-12
personal And Individual Stakeholder Pensions Show No Signs Of Improvement
figure 15: New Personal Pension And Individual Stakeholder Pension Business, 2008-12
consumer Financial Confidence
Consumers and Pension Auto-Enrolment - UK - September 2013

4. key Points
the Majority Of Consumers Are Generally Positive About Their Finances
figure 16: Current Financial Situation, July 2013
consumers Are Cautious About The Year Ahead
figure 17: Consumer Sentiment, July 2010-13
cautious Consumers Could Be More Open To Pension Saving
types Of Employer
key Points
three Quarters Of Employees Work In The Private Sector
figure 18: Type Of Employer, July 2013
larger Employers Better Positioned To Adapt To Auto-enrolment
the Strain Of Implementing Auto-enrolment Will Be Felt By Smes
pension Landscape – Consumer Participation In Workplace Pensions
key Points
two Thirds Of Employees Have Access To A Company Pension Scheme
figure 19: Access To A Company Pension Scheme, July 2013
lower And Middle Income Earners Will Benefit From Auto-enrolment
figure 20: Access To A Company Pension Scheme, By Annual Household Income, July 2013
where Company Pension Schemes Exist, Uptake It High
figure 21: Membership Of Company Pension Schemes, July 2013
92% Of Employers Contribute To Their Company Pension Schemes
figure 22: Employer Contributions To Company Pension Schemes, July 2013
most Employee Scheme Members Contribute To Their Workplace Pension
figure 23: Employees Who Make Personal Contributions To A Company Pension Scheme, July 2013
confusion Exists Between Existing And New Auto-enrolment Workplace Schemes
figure 24: Impact Of Auto-enrolment On The Availability Of Company Pension Schemes, July 2013
auto-enrolment Will Mean Big Changes For Small Private Sector Firms
figure 25: Consumers And Company Pensions, By Type Of Employer, July 2013
auto-enrolment Awareness And Opt-out Rates
key Points
three Quarters Of Employees Are Aware Of Pension Auto-enrolment
figure 26: Awareness Of Pension Auto-enrolment, July 2013
figure 27: Awareness Of Pension Auto-enrolment, By Annual Household Income July 2013
just Under A Fifth Of Employees Think They May Opt-out Of Auto-enrolment
figure 28: Likelihood Of Opting-out Of Auto-enrolment, July 2013
likelihood Of Opting-out Falls In The Last Year
awareness Of Auto-enrolment Is Not A Big Factor For Workers Choosing To Opt-out
Consumers and Pension Auto-Enrolment - UK - September 2013

5. figure 29: Likelihood Of Opting-out Of Auto-enrolment, By Awareness Of Pension Auto-enrolment, July
2013
employees In Smaller Firms Are More Likely To Opt-out Of Auto-enrolment
figure 30: Likelihood Of Opting-out Of Auto-enrolment, By Type Of Employer, July 2013
auto-enrolment Targets Need The Most Convincing To Stay In The Scheme
figure 31: Likelihood Of Opting-out Of Auto-enrolment, By Annual Household Income, July 2013
reasons For Opting-out Of Auto-enrolment
key Points
affordability Will Be The Main Driver Of Opt-outs
figure 32: Reasons For Opting-out Of Auto-enrolment, July 2013
lack Of Pension Understanding Could Drive Up Opt-out Rates
women Are More Likely To Opt-out Because Of Affordability
figure 33: Opting-out Of Auto-enrolment Because Of Affordability, By Gender, July 2013
consumer Workplace Pension Preferences
key Points
transferable Pensions Are Attractive To Workers
figure 34: Workplace Pension Preferences, July 2013
employees Value Their Non-pension Workplace Benefits
views About Workplace Pensions
key Points
employer Support With Pension Options Is Important To Employees
figure 35: Views About Pension Auto-enrolment, July 2013
workers Appreciate The Financial Security That Pensions Offer
pension Apathy Affects Some 22% Of Workers
distrustful Employees More Likely To Make Alternative Pension Savings Arrangements
figure 36: Reasons For Opting-out Of Auto-enrolment, By Agreement With The Statement ‘i Do Not
Trust That My Pension Savings Will/would Be Invested Wisely’, July 2013
workers With Other Financial Priorities Can’t Afford Pension Contributions
figure 37: Reasons For Opting-out Of Auto-enrolment, By Agreement With The Statement ‘saving For
Retirement Is Not A Financial Priority For Me’, July 2013
targeting Opportunities
key Points
pension Champions Make Up The Biggest Target Group
figure 38: Targeting Opportunities, July 2013
pension Champions
Consumers and Pension Auto-Enrolment - UK - September 2013

6. pension Sceptics
opinionated But Apathetic
cost Is The Main Opt-out Reason For The Opinionated But Apathetic
figure 39: Reasons For Opting-out Of Auto-enrolment, By Target Groups, July 2013
appendix – Overview Of Pension Auto-enrolment
pension Auto-enrolment In Brief
the Basics And Who Qualifies
minimum Contribution Levels
figure 40: Minimum Auto-enrolment Employer And Employee Contribution Levels, By Date Of Enforcement
staging Dates
figure 41: Auto-enrolment Staging Dates, By Paye Scheme Size
appendix – Types Of Employer
figure 42: Type Of Employer, By Demographics, July 2013
appendix – Pension Landscape – Consumer Participation In Workplace Pensions
figure 43: Consumers And Company Pensions, July 2013
figure 44: Consumers And Company Pensions – Have Access To A Company Pension Scheme, By
Demographics, July 2013
figure 45: Consumers And Company Pensions – Member Of That Pension Scheme, By Demographics,
July 2013
figure 46: Consumers And Company Pensions – Employer Currently Contributing Money To That
Company Pension Scheme, By Demographics, July 2013
figure 47: Consumers And Company Pensions – Personally Contributing Money To That Company
Pension Scheme, By Demographics, July 2013
figure 48: Consumers And Company Pensions – Employer Offer You Access To This Scheme As A
Result Of Auto-enrolment, By Demographics, July 2013
appendix – Auto Enrolment Awareness And Opt-out Rates
figure 49: Awareness Of Pension Auto-enrolment, By Demographics, July 2013
figure 50: Most Popular Likelihood Of Opting-out Of Auto-enrolment, By Demographics, July 2013
figure 51: Next Most Popular Likelihood Of Opting-out Of Auto-enrolment, By Demographics, July 2013
appendix – Reasons For Opting-out Of Auto-enrolment
figure 52: Most Popular Reasons For Opting-out Of Auto-enrolment, By Demographics, July 2013
Consumers and Pension Auto-Enrolment - UK - September 2013

7. appendix – Consumer Workplace Pension Preferences
figure 53: Workplace Pension Preferences– The Ability To Transfer My Pension To A New Employer
If I Change Jobs, By Demographics, July 2013
figure 54: Workplace Pension Preferences– Access To Information About The Value Of My
Retirement Fund, At Any Time, By Demographics, July 2013
figure 55: Workplace Pension Preferences– Receiving Information About How My Pension Fund Is
Performing, By Demographics, July 2013
figure 56: Workplace Pension Preferences – Receiving Information About How My Pension Fund Is
Invested, By Demographics, July 2013
figure 57: Workplace Pension Preferences – The Ability To Put My Pension Contributions On Hold
With No Penalty For Doing So, By Demographics, July 2013
figure 58: Workplace Pension Preferences – The Option To Sacrifice Other Workplace Benefits From
My Employer In Favour Of Employer Contributions To My Pension, By Demographics, July 2013
appendix – Views About Workplace Pensions
figure 59: Agreement With The Statement ‘employers Should Take Responsibility For Helping Their
Workers Understand Their Pension Options’, By Demographics, July 2013
figure 60: Agreement With The Statement ‘i Do/would Feel More Financially Secure Having A
Workplace Pension’, By Demographics, July 2013
figure 61: Agreement With The Statement ‘without Contributions From My Employer I Do Not Think
I Would Be Able To Save Enough For My Retirement’, By Demographics, July 2013
figure 62: Agreement With The Statement ‘i Want To Have More Control Over Saving For My
Retirement Income’, By Demographics, July 2013
figure 63: Agreement With The Statement ‘the Government Should Make It Compulsory For People
In Employment To Save For A Pension’, By Demographics, July 2013
figure 64: Agreement With The Statement ‘i Do Not Trust That My Pension Savings Will/would Be
Invested Wisely’, By Demographics, July 2013
figure 65: Agreement With The Statement ‘i Feel There Are Better Ways To Save For Retirement
Than Through A Workplace Pension’, By Demographics, July 2013
figure 66: Agreement With The Statement ‘saving For Retirement Is Not A Financial Priority For
Me’, By Demographics, July 2013
figure 67: Agreement With The Statement ‘i Cannot Be Bothered To Think About My Pension At The
Moment’, By Demographics, July 2013
figure 68: Access To A Company Pension Scheme, By Agreement With The Statement ‘i Feel There
Are Better Ways To Save For Retirement Than Through A Workplace Pension’, July 2013
figure 69: Access To A Company Pension Scheme, By Agreement With The Statement ‘without
Contributions From My Employer I Do Not Think I Would Be Able To Save Enough For My
Retirement’, July 2013
figure 70: Access To A Company Pension Scheme, By Agreement With The Statement ‘the
Government Should Make It Compulsory For People In Employment To Save For A Pension’, July
2013
figure 71: Access To A Company Pension Scheme, By Agreement With The Statement ‘i Do/would
Consumers and Pension Auto-Enrolment - UK - September 2013

8. Feel More Financially Secure Having A Workplace Pension’, July 2013
appendix – Targeting Opportunities
figure 72: Views About Pension Auto-enrolment, By Target Groups, July 2013
figure 73: Target Groups, By Demographics, July 2013
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Consumers and Pension Auto-Enrolment - UK - September 2013