Industry Analysis & Industry Trends
The Pension Funding industry provides an income for those that no longer work. The UK pension system comprises a mandatory state component and a private component, but the Pension Funding industry excludes the state pension system. The industry has endured volatile conditions over the past five years. Financial markets have been turbulent since the onset of the financial crisis in 2008, so investment returns have fluctuated considerably. At the same time, voluntary contributions have come under pressure from rising unemployment and falling real incomes. However, automatic enrolment in pension schemes, which was introduced in October 2012, positively influenced contributions... purchase to read more
Industry Report - Industry Products Chapter
The pension system provides replacement income for people who have stopped working. The UK pension system is made up of a mandatory state component and a private component. State pensions are not covered by the industry.
The private pension system is composed of occupational pensions, which are provided by employers, and personal pensions. Contributions to occupational pensions are either paid by employers alone or both employers and employees. Occupational schemes are provided by companies in both the private and public sector. Personal pensions are funded entirely by an individual's contributions.
Pension schemes generally take one of two forms: defined benefit (DB) or defined contribution (DC) schemes... purchase to read more