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UK Pensions Savings (Accumulation) Consumer Research Report, 2020 - ResearchAndMarkets.comThe "UK Pensions Savings (Accumulation) Consumer Research Report 2020" report has been added to ResearchAndMarkets.com's offering. This is a consumer research report looking at how individuals are saving for their pensions. It covers the accumulation phase of the pension process, i.e. buying or taking out a pension product and saving for retirement. For this report, the publisher commissioned research from MIS Group's UK panel. The research was structured so that 2,077 nationally representative consumers aged 18+ were asked about their pension ownership and savings. This generated 1,253 individuals who owned a pension. 60% of consumers in the UK (66% of those who are not retired) have a pension, even if they are not currently making contributions to the plan/scheme. 91% of consumers owning a pension have a workplace pension and 68% have a private pension: 61% own both a private and a workplace pension. Despite widespread ownership, pension holder knowledge and understanding of the pensions they own is often poor and patchy and the same can be said for their knowledge of their options for taking their pension in the future. This can sometimes lead consumers to make bad pension choices, which is all the more likely because only 50% of pension holders sought advice from professional sources before taking our/enrolling in their pension. However, pension holders are willing to consult and use online services, which can allow them to select and manage their pension, and there is scope for paid-for online services to fill the knowledge gap as well as scope to offer free or low-cost services. Key Topics Covered 1. Executive Summary
3. Overall Pension Ownership
4. The Types of Pensions Owned
5. Seeking Advice
6. Pension Understanding
7. Ways to Improve Knowledge and Decision Making
List of Figures Figure 1 The ownership of pensions Figure 2 Why consumers without a pension do not have one Figure 3 The gender, age, social grade and income profile of consumers with and without a pension Figure 4 The breakdown of pension ownership Figure 5 The types of private and workplace pensions owned Figure 6 The ownership of defined contribution pensions Figure 7 The demographic profile of the main types of pensions owned Figure 8 The types of contributions made to workplace pensions Figure 9 The percentage of pension holders with pensions from different providers Figure 10 Breakdown of pension holders by current position and planned action Figure 11 How pension holders have acted to access cash in their pensions Figure 12 Sources of advice used before taking out or enrolling in a pension Figure 13 The % of pension holders consulting professional* advice sources before taking out a pension Figure 14 The advice used before taking cash or an income from a pension Figure 15 The understanding pension holders have of their pensions and future options Figure 16 The three knowledge groups by understanding of current pension Figure 17 The three knowledge groups by demographic and pension owning characteristics Figure 18 Pension holders who lack confidence that they are saving enough Figure 19 The retirement plans of pension holders Figure 20 The features of a pension that guide choice Figure 21 Major pension changes undertaken/considered Figure 22 Pension holder support for online pension selection and management tools Figure 23 Pension holder openness to new online tools Figure 24 Willingness to use automated online advice and guidance services Figure 25 The potential for online services among pension holders Figure 26 The willingness to use automated online service by preference for guidance or advice For more information about this report visit https://www.researchandmarkets.com/r/epf2k5 View source version on businesswire.com: https://www.businesswire.com/news/home/20200325005457/en/ |