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Main Government and Public Sector Social Studies Compulsion - Survey Series
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Compulsion - Survey Series

DateNov, 2003
Pages69
Price / format$2795 / Online Download
$5590 / Global Site License

$2 795 

Report Information | Custom-Tailored Research | Product Trade Lead


Abstract:
 Introduction
This report focuses on the response of the mass market to the theme of compulsion, investigating its likely acceptability to the general public, and what the key elements of a compulsory pensions scenario would have to be in order to prove popular with the mass market. Survey data is harnessed and fully analyzed culminating in key recommendations for life and pensions providers.

Scope
1000 mass market consumers were polled by NOP in an exclusive survey for Datamonitor. The results are analyzed by various socio-economic attributes.

Those with existing pension provision and who therefore have the most understanding of the pensions issue are polled on the prospect of compulsion.

The key elements of non-UK schemes have been posed as options for a UK scheme, and the results placed under scrutiny here.

Report Highlights
This report identifies clear target markets for pensions in the UK. Whereas 60% of those in Wales saw compulsory pensions as welcome and necessary, the figure was below 20% in the North.

Interestingly, the AB social class was the most in favor of a guaranteed pension fund, despite warnings that it may cut back on performance. The attractiveness of this idea increases directly with social class, so that the DEs are least in favor of a guarantee.

Broadly, the preference for a higher 10% contribution rate increases as consumers get older, reflecting the increasing affluence and the increasing urgency of taking pensions in hand as consumers age.

Reasons to Purchase
This report gives Life and Pensions providers an insight into how a compulsory pension scenario would develop, allowing them to maximize profits.

The granular understanding of key market segments this proprietary study affords is invaluable for gaining competitive advantage.

The insights from this report are a key weapon in the industry armory to lobby the government for action on compulsory pensions.




Table of contents:
 TABLE OF CONTENTS
CHAPTER 1 INTRODUCTION 8
What is this report about? 8
Who is the target reader? 8
How to use this report 8
Compulsion worldwide 11
If contributions from your pay into your pension became compulsory, how would you see this? 15
Pensions 15
Location 16
Domicile 17
Social class 18
Sex 19
Income 20
Age 21
The total picture 22
And if you were forced to contribute into a pension from your pay , which of these if any would you like to see? 23
Pension status 23
Location 24
Domicile 26
Income 27
Social class 29
Age 30
Sex 31
The total picture 32
Next steps 35
CHAPTER 2 APPENDIX 38
If contributions from your pay into your pension became compulsory, how would you view this? 38
And if you were forced to contribute into a pension from your pay, which of these, if any, would you like to see? 43
Definitions 54
General life & pensions terms 54
Pensions 54
Distribution channels 57
Social class Definitions 59
Region definitions 59
Research methodology 63
Future readings 64
SPP writing team 64
How to contact experts in your industry 65

LIST OF TABLES
Table 1: If contributions from your pay into your pension became compulsory, how would you view this? Total 38
Table 2: If contributions from your pay into your pension became compulsory, how would you view this? Sex 38
Table 3: If contributions from your pay into your pension became compulsory, how would you view this? Age 39
Table 4: If contributions from your pay into your pension became compulsory, how would you view this? Class 39
Table 5: If contributions from your pay into your pension became compulsory, how would you view this? Residence 40
Table 6: If contributions from your pay into your pension became compulsory, how would you view this? (1) Location 40
Table 7: If contributions from your pay into your pension became compulsory, how would you view this? (2) Location 41
Table 8: If contributions from your pay into your pension became compulsory, how would you view this? (1) Gross annual household income 41
Table 9: If contributions from your pay into your pension became compulsory, how would you view this? (2) Gross annual household income 42
Table 10: If contributions from your pay into your pension became compulsory, how would you view this? Pension status 42
Table 11: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Total 43
Table 12: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Sex 44
Table 13: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Age 45
Table 14: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Class 46
Table 15: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Residence 47
Table 16: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (1) Location 48
Table 17: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (2) Location 49
Table 18: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (1) Gross annual household income 50
Table 19: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (2) Gross annual household income 51
Table 20: And if you were forced to contribute into a pension from your pay, which of these would you like to see? (3) Gross annual household income 52
Table 21: And if you were forced to contribute into a pension from your pay, which of these would you like to see? Pension status 53

LIST OF FIGURES
Figure 1: Those with company and stakeholder pensions make compulsion most welcome 15
Figure 2: Those in Wales and Yorks and Humber were the most enthusiastic about compulsory pensions 16
Figure 3: Those renting or living in local authority accommodation are more skeptical of compulsion 17
Figure 4: The higher social classes show themselves as being more in favor of compulsion 19
Figure 5: Male pension holders are more in favor of compulsion than their female counterparts 20
Figure 6: Those with the lowest earnings are far more inclined to see compulsion as another tax 21
Figure 7: Workers between 25 and 34 years old with pensions are keen for compulsion to be introduced 22
Figure 8: 71% of those with existing pensions arrangements see compulsion as a necessity 23
Figure 9: Those with stakeholder pensions are most keen on pre-retirement pensions access 24
Figure 10: People from Scotland are keen for a relatively low compulsory contribution rate 25
Figure 11: Those owning their own house are the strongest in favour of a high compulsory pension contribution 26
Figure 12: The wealthiest are most in favour of guaranteed and high pension contributions 28
Figure 13: AB consumers show a strong interest relative to other classes in guaranteed pensions 29
Figure 14: 25-34 year olds insist on access to their pension before they retire 31
Figure 15: Men are more bullish on the percentage of salary to be contributed into a pension than women are 32
Figure 16: Access to your pension before retirement comes out on top of what people would like to see in a compulsory pension 34
Figure 17: The UK compulsion roadmap - what Datamonitor’s survey recommends for the government to implement 36




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