UK - New pension premiums are on the decline, with more workers opting for residential property investment, a survey by Mintel shows.
The firm’s British Lifestyles report revealed the value of total new pension premiums – both regular and single – dropped from £3352m in 2002 to £2876m last year.
Meanwhile, house prices continued to soar, with the East Midlands leading the way with price increases of about 25% during the past year.
Chief statistician Peter Ayton said: “Pension providers have had a difficult few years with this strong growth in house prices shifting demand toward property investment.”
Labour Party plans to renationalise core industries and require the largest listed companies to hand 10% of shares to employees would be a "double whammy" for pensions, business leaders have warned.
A handful of industry heavyweights have begun trialling a so-called 'mid-life MOT', with positive initial results reported by all those involved.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".