英国における富裕層向け年金オプション

Abstract

This report looks at how more affluent individuals might improve their retirement income prospects. It examines the impact of recent reform on industry innovation and new business levels, as well as the potential effects of the government' s new proposals outlined in both the May and December 2006 pensions white papers. The key theme running throughout this report is the clear desire for control among more affluent investors.

Table of Contents

• Issues in the Market
• Key issues
• Market background
• Market definitions
• The State System
• The voluntary private funded sector
  • Figure 1: Types of private pension provision, UK
• Abbreviations
• Market in Brief
• A growing market for affluent pensions
• Environment positive for increased retirement savings activity
• Many barriers must be overcome to take advantage of benign savings environment
• More affluent consumers have a range of savings of which pensions are just a part
• Apparent growth in pensions business to some extent illusory
• Consolidation in the pensions industry continues and mainstream companies enter the previously niche SIPP sector
• Advisors, dealing services and fund managers lead pensions and related advertising activity
• Advisors dominate pensions distribution and increasing need for advice consolidates their position
• Control and flexibility are the main requirements for more affluent individuals
• But there are issues to be addressed
• Employers and/or IFAs dominate methods of pension arrangement
• Broader Market Environment
• Key points summary
• Population ageing is the main factor in pension development
• Implications
• Economic backdrop
• Implications
• Growing affluence allows scope for increasing savings activity
  • Figure 2: Total PDI, consumer expenditure and savings, 2002-11
• Implications
• Growth in the AB population is a likely consequence
  • Figure 3: Number of indiivuals in the AB socio-economic group, 2005-10
• Implications and opportunities
• Changing work patterns
• Implications
• Crisis of confidence in traditional pensions
• Implications and opportunities
• Internal Market Environment
• Key points summary
• A hugely valuable market
  • Figure 4: The 2007 distribution of liquid financial asset wealth within the wealthiest 5% in the UK
• Generally male, generally employed
  • Figure 5: The occupations of HNWs & UHNWs: Britain' s wealth elite, 2005 and 2007
• A growing need for income generation
  • Figure 6: The household incomes of HNWs and UHNWs, 2007
• Present pension coverage
• Current private pension coverage
  • Figure 7: Participation in private pension schemes, November 2006
• Alternative arrangements
• Pensions reform
• Complement, not compete
• Existing schemes to shift focus to the more affluent?
• Little chance that high-earners will see schemes ' levelled down'
• Pensions simplification and a new tax regime
• Implications and expectations
• Immediate effects
• Tax planning a key concern for more affluent individuals...
• ...and sophisticated alternative takes centre-stage
• Film partnerships
• Enterprise Initiative Scheme
• Venture Capital Trusts
• EIS, ISAs, VCTs and pensions -- the benefits summarised
  • Figure 8: UK tax-efficient investments comparison
• But pensions still have major advantages
• Competitive Context
• Key points summary
• A more complex and exciting environment for retirement income planning
  • Figure 9: Contextual model for private pensions -- money flows
• Pension alternatives
  • Figure 10: Retirement funding strategies
• Strong growth in second property market
• ISAs are another popular retirement saving vehicle
• Life insurance products
• Film partnerships, EIS and VCTs
  • Figure 11: Total cost of principal tax expenditures, 2005-07
• Using the business to fund retirement
• Buy-to-let presents a serious threat
  • Figure 12: Number and value of buy-to-let mortgages outstanding, 1999-2006 (year-end)
• Strengths and Weaknesses in the Market
  • Figure 13: The UK affluent pensions market -- key strengths and weaknesses, 2007
• Perceptions of pensions are a major issue
• Complexity and inflexibility
• Increased costs
• More flexible arrangements for more affluent individuals
• The role of the advisor
• Market Size and Forecast
• Key points summary
• ABI data describe only part of the picture
• Need to bridge fund deficits prompts rise in employer pension contributions
  • Figure 14: Contributions to private pension schemes -- UK, 2001-05
• Employee contributions remain sluggish
• New individual pensions sales grow strongly in 2006
  • Figure 15: Individual pension sales, 2001-06
• Factors behind the growth
• Record year for SIPP providers
  • Figure 16: SIPP sales, 2002-06
• Moving into the mainstream
• The SIPP base grows prolifically
• Hybrid SIPPs gain market share...
• ...but commodity SIPPs see the most rapid growth
• Value of executive pension plan market recovers
  • Figure 17: Executive pension plan sales, 2002-06
• Steady growth forecast
  • Figure 18: Forecast of individual pension sales, 2006-11
• Factors incorporated
• Market Share
• Key points summary
• The changing composition of the market
• James Hay is the dominant SIPP provider by funds under management...
  • Figure 19: Leading SIPP providers according to in force business, April 2007
• ...but share differs according to market segment
  • Figure 20: Leading providers of insured SIPPs by number of plans in force, April 2007
  • Figure 21: Leading providers of fully self-invested plans by number of plans in force, April 2007
• Companies and Products
• Key points summary
• Premium pension product ranges
• Market dynamics
• SIPPs: the vehicle of choice for consolidating multiple pension funds
• Mainstream providers having a greater impact...
  • Figure 22: Average SIPP portfolio size among leading providers, April 2007
• ...but clear signs of stratification
  • Figure 23: Average SIPP portfolio of ' exclusive' SIPP providers, April 2007
• Profiles of selected leading SIPP providers
• James Hay
• Standard Life
• AEGON Scottish Equitable
• Suffolk Life
• Brand Communication and Promotion
• Key points summary
• An explosion in media advertising of retirement income options...
• ...but spend has fallen back in recent years
  • Figure 24: Media advertising for products and services that could be used in retirement planning, 2002-07
• Advertising expenditure on pensions has stabilised
  • Figure 25: Main media advertising expenditure on pensions, 2002-07
• Press and direct mail dominate advertising spend
  • Figure 26: Leading advertisers of pensions and pension services, 2006-07
• Formal marketing channels less relevant for more affluent individuals
• Channels to Market
• Key points summary
• Independent Financial Advisors are the key channel for retirement planning
• Intermediated business the norm
• IFAs dominate both regular and single premium sales
  • Figure 27: Individual pensions premiums, by sales channel, 2001-06
• Bancassurance model proving successful
• Single-tie channel recovers its share of new regular premiums in 2006
  • Figure 28: Proportional distribution of individual regular-premium business, by sales channel, 2001-06
• Minimal direct sales of single premium business
  • Figure 29: Proportional distribution of individual single-premium business, by sales channel, 2001-06
• HNW Investment Priorities
• Key points summary
• Steering a course between two extremes
• A measured increase in risk-taking?
  • Figure 37: Attitudes towards risk among HNW & UHNW individuals, 2005 and 2007
• Satisfaction with pensions is relatively high...
  • Figure 38: Pension satisfaction levels, 2005
• ...but other sources of income in retirement are increasingly important
  • Figure 39: The components of retirement income, by value, 2005
• Highlighting the importance of property investments
  • Figure 40: The contribution of non-pension assets to affluent retirement incomes, 2005
• HNWs and UHNWs favour traditional investment vehicles
  • Figure 41: HNW and UHNW asset allocations 2005 and 2007
  • Figure 42: The five fastest growing allocations, 2005-07
• HNWs and advisors -- symbiotic relationships
  • Figure 43: The use and non-use of professional investment advisors, 2005 and 2007
• IFAs still the key source of advice
  • Figure 44: Sources of investment advice by HNW and UHNW individuals, 2005-07
• The impact of advisors on investment selection...
  • Figure 45: Asset allocations 2007: The advised portfolio v the un-advised portfolio
• ...and the impact of trust on advisor selection
  • Figure 46: The most trusted advisors, 2007
• The Consumer -- Appealing Features of Pensions and Relative Affluence
• Key points summary
• Survey background
• Taking control is a key preference...
• ...as well as a natural reaction to external events
• SIPPs the obvious answer
  • Figure 47: Preference for pension features, February 2007
• Disillusionment is increasing
  • Figure 48: Preference for pension features, 2006 and 2007
• Implications and opportunities
• More affluent individuals want more involvement
  • Figure 49: Preference for pension features, by gender, age, socio-economic group and marital status, February 2007
• Implications and opportunities
• Lifestage and age/socio-economic cross-analysis emphasise the preferences of more affluent consumers
  • Figure 50: Preference for pension features, by lifestage, age/socio-economic group, working status and TV region, February 2007
• Implications and opportunities
• Technology users have strong views
  • Figure 51: Preference for pension features, by new technology users, newspaper readership, commercial TV viewing and supermarket usage, February 2007
• Charges and tax efficiency -- key for affluent customers
  • Figure 52: Preference for pension features among more affluent individuals, February 2007
• Implications and opportunities
• Almost three in ten consumers who are in work and have considered pensions claim not to have any
  • Figure 53: Statements regarding more affluent individuals, February 2007
• Implications and opportunities
• Age and affluence associated with asset ownership
  • Figure 54: Statements regarding more affluent individuals, by gender, age, socio-economic group and lifestage, February 2007
• Implications and opportunities
• Further analysis confirms the role of older, more affluent consumers
  • Figure 55: Statements regarding more affluent individuals, by age/socio-economic group, working status, TV region and ACORN category, February 2007
• Internet usage, broadsheet readership and low TV viewing characterise owners of pensions, larger properties and long term investments
  • Figure 56: Statements regarding more affluent individuals, by new technology users, newspaper readership, commercial TV viewing and supermarket usage, February 2007
• Longer horizons for the more affluent
  • Figure 57: Asset ownership among the more affluent, February 2007
• SIPPs making serious inroads -- with potential for more growth
• Implications and opportunities
• Pension ownership is a strong predictor of preference for control and flexibility in pension products...
  • Figure 58: Preference for pension features, by pension ownership, February 2007
• ...but personal pension holders looking for the ' safety net' of advice
• Implications and opportunities
• The Consumer -- Arrangement Preferences
• Key points summary
• Three quarters of pensions arranged through employer or IFA
  • Figure 59: Method of pension arrangement, February 2007
• Experienced consumers prefer employer or IFA, younger consumers use bank or building society
  • Figure 60: Method of pension arrangement, by gender, age, socio-economic group and lifestage, February 2007
• Employer dominates arrangement methods for more affluent consumers
  • Figure 61: Method of pension arrangement, by age/socio-economic group, gross annual household income, TV region and ACORN category, February 2007
• Technology usage is not a predictor of method of arrangement -- unlike newspaper readership
  • Figure 62: Method of pension arrangement, by new technology users, newspaper readership, commercial TV viewing and supermarket usage, February 2007
• Individuals with personal pensions use a wide range of arrangement channels
  • Figure 63: Method of pension arrangement, by pension ownership, February 2007
• Implications and opportunities
• Affluent individuals much more likely to source own IFA
  • Figure 64: Method of arranging pensions among the more affluent, February 2007
• Implications and opportunities