Whilst consumers clearly recognise the importance of paying into a workplace pension, many do not translate their attitudes into actions. Providers and employers may need to do more to incentivise employees to plan for retirement.
Albany, NY -- (SBWIRE) -- 07/05/2017 -- The consumers in U.K. clearly recognize the importance of paying into a workplace pension, however many do not translate their attitudes into actions. To convert this attitude into positive action, it is required that providers and employers should incentivize employees to plan for retirement. To detail this concept, Market Research Hub (MRH) has recently added a report titled as "U.K. Workplace Pensions Explored by Companies, Brands, and Attitude – June 2017" to its vast report repository.
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The report initiates with the executive summary of the market with various factors such as insurer-administered trust-based premiums that are expected to see marginal boost and new single premiums which are driving growth in the group sector. Moreover, workplace pensions are increasingly seen as the safest way to save for retirement, with half of private sector employees are personally contributing less than 2%. Also, the consumers have been analyzed which reveal about two-thirds of employees are already enrolled. Furthermore, the report highlights that there is high interest in retirement income and over two-fifth of pension holders would prefer regular updates.
Further, the facts and implications, market size, and forecast are enclosed in the report. The market shows that insurer-administered trust-based premiums are expected for marginal boost, new single premiums will show growth in the group sector, auto-enrolment will continue to boost workplace pension ownership, safest way to save for retirement are workplace pensions, and half a million employers have met staging dates. The forecast shows that trust-based schemes will see stall growth and premiums are expected to see a marginal boost. The report detail the trends in workplace pension ownership along with the market drivers, regulatory & legislative changes, and companies & brands. The main company featured in the study is Scottish Widows, which is launching master trust among the working population in the U.K. The main drivers of the market include the attitude that workplace pensions are the safest way to save for retirement.
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Lastly, the various competitive strategies, advertising & marketing activity, and the consumers are evaluated in the research study. The consumer evaluation shows that workers at small firms are being phased into auto-enrolment, and one in five employees are still confused about pension type. The report also includes the pension enrolment analysis and the attitudes of consumers towards workplace pension. At last, the report suspends by evaluating the interest, awareness, and advice towards workplace pension.
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