英国における団体型個人年金の市場

Abstract

The whole pensions sector continues to be an area of long-term focus and huge change. The UK has a rapidly deteriorating prognosis for the provision of income in retirement for an ageing population. It is clear the state cannot provide a ‘living' income in retirement for its population. The so-called ‘second pillar' of good occupational provision has been eroded over the last ten years by a combination of poor investment returns, ever-increasing costs, a more demanding and rigorous legal, governance and regulatory burden and changes in the nature of the relationship between employers and employees. The third pillar - individual saving for retirement - has become increasingly important but due to means testing and interaction of saving for a pension with entitlement to state benefits, it has yet to become the main focus of the sector.

Between the second and third pillars lies a ‘hybrid' series of products that might loosely be described as grouped individual arrangements. These are contract-based arrangements that are individual in nature but, through aggregation, are able to benefit from some of the economies of scale that might previously have applied only to occupation schemes. This group includes stakeholder pensions (SHPs), group personal pensions (GPPs) and group self-invested personal pensions (SIPPs). These products cover the needs of the whole demographic spectrum of the working population in the UK but at the margins they compete with each other.

They also compete with defined contribution money purchase schemes - employers have a choice as to which they will offer or facilitate. From 2012, a new competitor - in the form of the National Pension Saving Scheme (NPSS, also known as ‘personal accounts' ) - will enter the fray as a default option for employers who have no other scheme in place. Unless employees make a deliberate decision to opt out of this scheme, they will be automatically enrolled.

It seems that GPPs are under pressure from all sides - stakeholders and the NPSS on the one hand and group SIPPs (GSIPPs) and occupational arrangements on the other. Yet in the last 2-3 years the GPP market has flourished. This report focuses on the role of GPPs and trends in the market. It looks at the competitive environment and examines trends in the segmentation of the market between the different grouped arrangements available.

Table of Contents

• Issues in the Market
• Key issues
• Definitions
• GPPs -- an alternative to an occupational pension scheme
• Significant benefits for employers
• Advantages over group SHPs and GSIPPs
• Market in Brief
• Market size and development
  • Figure 1: New GPP business, 2001-07
• Regulation driving development
• Longevity -- the burning issue
• A competitive marketplace
• Innovation focused on high-end GSIPPs
• Market shares, companies and products
• Little direct advertising activity
• Employee benefit consultants increase their role
• Consumer understanding limited
• Mistrust still an issue
• Internal Market Environment
• Key points summary:
• Regulation is the biggest influence on market development
• Stimulating pension saving through simplification
• Fair play?
• The advent of the NPSS
• Free advice for consumers
• More pensions legislation in 2008
• Twice as many consumers with individual personal pensions rather than employer sponsored
  • Figure 2: Number of personal pension members, by type of scheme, 2006/07
• The number of occupational pension schemes has declined rapidly since 2001
  • Figure 3: Number of private sector occupational pension schemes, by scheme size, 2001-05
• The role of trustees
• GPPs have become more competitive but less profitable
• Take-up and persistency
• Changing priorities?
• So why not stakeholder instead?
• And then along came GSIPP
• Hybrid schemes may be the answer
• GPPs the solution of choice in 2007
• New threats on the horizon
• Broader Market Environment
• Key points summary:
• Increasing longevity still the key market driver
  • Figure 4: Projected size of the UK population, by age band, 2007-44
• Savings set to rise
  • Figure 5: Total PDI*, consumer expenditure and savings, 2003-12
• Employment patterns will influence potential for pension saving
• Competitive Context
• Key points summary:
• Pensions and pension substitutes
• Non-pension options
• Strengths and Weaknesses in the Market
• Market Size and Forecast
• Key points summary:
• Trusteeship has driven GPP sales upwards
• Resurgence in GPP business in force
  • Figure 6: GPPs in force, 2001-06
• New GPP soars to record levels
  • Figure 7: New GPP business, 2001-07
• Transfers currently account for three quarters of new single premiums
  • Figure 8: Single premium GPPs and transfers, 2006-07
• Making good pension deficits
  • Figure 9: Contributions to private pension schemes -- UK, 2001-06
• New insurance-administered occupational business steady in 2007
  • Figure 10: New insurance-administered occupational pension business, 2001-06
• Individual new business takes up the slack
  • Figure 11: Total new premiums, all individual pensions, 2002-07
• GPPs to continue to benefit from restructuring of the pension sector
  • Figure 12: Forecast of new GPP business, 2002-12
• Factors used in the forecast
• Segment Performance
• Key points summary:
• Surge in transfers boosts single premium business
  • Figure 13: GPPs in force, by type of policy, 2001-06
• Market Share
• Key points summary:
• AXA and Standard Life replace Lloyds TSB and Aegon at top of individual pensions market
  • Figure 14: Leading providers of individual pension products, 2005-06
• Occupational pension performance is also important
  • Figure 15: Top 20 insurance companies in the occupational pensions market, by net premiums, 2004 and 2005
• Companies and Products
• Key points summary:
• A fragmented sector in a concentrated market
• Prudential
• Legal & General
• Standard Life
• AXA
• Norwich Union
• Friends Provident
• Brand Communication and Promotion
• Key points summary:
• A note about the data used in this section
  • Figure 16: Pensions adspend, by category, 2003-07
• GPPs -- little scope for direct advertising
• Focus for company pensions is on the trade press
  • Figure 17: Company/occupational pension scheme adspend, by outlet, 2003-07
• Provider and scheme ad spend falls after A-Day
  • Figure 18: Company/occupational pension scheme ad spend, by provider, 2003-07
• Advertising likely to grow in the future
• Channels to Market
• Key points summary:
• Independents -- not just IFAs
  • Figure 19: GPP business by distribution channel, 2002-06
• Advice potential in GPP is huge
• One-to-one surgeries boost take-up
• Long-term benefits would flow
• The Consumer -- Market Context and Pension Ownership
• Key points summary:
• Company size is key
  • Figure 20: Size of company worked for, September 2007
• Type of pension offered influenced by size of company
  • Figure 21: Pension ownership, by size of company worked for, September 2007
• Pension ownership
  • Figure 22: Pension ownership, September 2007
• Pensions ownership male-focused and upmarket
  • Figure 23: Pension ownership, by gender and socio-economic group, September 2007
• Pension ownership peaks among 35-54s
  • Figure 24: Pension ownership, by age and lifestage, September 2007
• Part-time workers less likely to have pension arrangements
  • Figure 25: Pension ownership, by special group and working status, September 2007
• The higher the income group the greater the likelihood of owning a pension
  • Figure 26: Pension ownership, by household income, September 2007
• Personal pensions are mid-market products
  • Figure 27: Pension ownership, by housing tenure and newpaper readership, September 2007
• Personal pension ownership higher in London than elsewhere
  • Figure 28: Pension ownership, by region, September 2007
• All forms of pension ownership associated with attainment of higher education
  • Figure 29: Pension ownership, by terminal age of education, September 2007
• The Consumer -- Attitudes Towards Pensions
• Key points summary:
• Company contributions are a major influence on participation
  • Figure 30: Attitudes towards company pensions among scheme members, September 2007
• Availability of a pension scheme may be of declining importance in employment decisions
  • Figure 31: Attitudes towards company pensions among scheme members, by gender and age, September 2007
• Mid-market and pre-/no family plan holders have differentiated views
  • Figure 32: Attitudes towards company pensions among scheme members, by affluence and lifestage, September 2007
• Third-age ABC1s see much change
  • Figure 33: Attitudes towards company pensions among scheme members, by special group and working status, September 2007
• Higher-earning scheme members most likely to value pensions
  • Figure 34: Attitudes towards company pensions among scheme members, by income and housing tenure, September 2007
• Broadsheet readers are ' traditional' scheme members
  • Figure 35: Attitudes towards company pensions among scheme members, by media usage, September 2007
• Attitudes among non-members
  • Figure 36: Attitudes towards company pensions among non-members, September 2007
• Men are much more negative about pension schemes than women
  • Figure 37: Attitudes towards company pensions among non-members, by gender and affluence, September 2007
• Scepticism about company pensions felt by all age groups
  • Figure 38: Attitudes towards company pensions among non-members, by age and lifestage, September 2007
• Older upmarket individuals less concerned about occupational schemes
  • Figure 39: Attitudes towards company pensions among non-members, by special group and working status, September 2007
• Pensions mean more to more affluent consumers
  • Figure 40: Attitudes towards company pensions among non-members, by affluence and housing status, September 2007
• Broadsheet readers less likely to trust company pensions
  • Figure 41: Attitudes towards company pensions among non-members, by Internet usage and newspaper readership, September 2007