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Essentials of the UK Retirement System

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Essentials of the UK Retirement System ABERDEENSHIRE ANGLESEY ANGUS ANTRIM ARGYLLSHIRE ARMAGH AYRSHIRE BANFFSHIRE BEDFORDSHIRE BERKSHIRE BERWICKSHIRE BRECKNOCKSHIRE BUCKINGHAMSHIRE BUTESHIRE CAERNARFONSHIRE CAITHNESS CAMBRIDGESHIRE CARDIGANSHIRE CARMARTHENSHIRE CHESHIRE CLACKMANNANSHIRE CORNWALL CROMARTYSHIRE CUMBERLAND DENBIGHSHIRE DERBYSHIRE DEVON DORSET DOWNDUMFRIESSHIRE DUNBARTONSHIRE DURHAM EASTLOTHIAN ESSEX FERMANAGH FIFE FLINTSHIRE GLAMORGAN GLOUCESTERSHIRE HAMPSHIRE HEREFORDSHIRE HERTFORDSHIRE HUNTINGDONSHIRE INVERNESS-SHIRE KENT KINCARDINESHIRE KINROSS-SHIRE KIRKCUDBRIGHTSHIRE LANARKSHIRE LANCASHIRE LEICESTERSHIRE LINCOLNSHIRE HOW THE UK SAVES ESSENTIALS OF THE UK RETIREMENT SYSTEM LONDONDERRY MERIONETHSHIRE MIDDLESEX MIDLOTHIAN MONMOUTHSHIRE MONTGOMERYSHIRE MORAYSHIRE NAIRNSHIRE NORFOLK NORTHAMPTONSHIRE NORTHUMBERLAND NOTTINGHAMSHIRE ORKNEY OXFORDSHIRE PEEBLESSHIRE PEMBROKESHIRE PERTHSHIRE RADNORSHIRE RENFREWSHIRE ROSS-SHIRE ROXBURGHSHIRE RUTLAND SELKIRKSHIRE SHETLAND SHROPSHIRE SOMERSET STAFFORDSHIRE STIRLINGSHIRE SUFFOLK SURREY SUSSEX SUTHERLAND TYRONE WARWICKSHIRE WESTLOTHIAN WESTMORLAND WIGTOWNSHIRE WILTSHIRE WORCESTERSHIRE YORKSHIRE The 92 historic counties listed are sourced from the Association of British Counties as at October 2019. Contents 4. Industry milestones infographic 6. The global retirement savings challenge 6. The challenge in a UK context 7. Subsequent reforms: 2008-2019 8. The system as at 2019 9. Pensions taxation page 10. The shape of the UK retirement savings market 10. The at-retirement market 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 UK Prime Ministers John Major Tony Blair Gordon Brown David Cameron (Conservative) David Theresa May Conservative Labour Labour and Nick Clegg (Lib Dem) Cameron Conservative (Coalition (Cameron–Clegg) 2010-15) Con. Boris Johnson Secretaries of State with Peter Lilley Harriet Alistair Darling Andrew Smith John Hutton James Purnell Yvette Iain Duncan Smith Damian Esther Amber responsibility for pensions Conservative Harman Cooper Green McVey Rudd Alan Johnson David Blunkett Peter Hain Stephen Crabb David Gauke Thérèse Coffey Major events • Government announces that BSE, or 'mad cow disease', • UK government part-nationalises three leading banks following the global “credit crunch” can be transmitted to humans UK joins • Article 50 deadline for leaving the • US-led military • Death of Diana, Princess of Wales • Britain withdraws bulk of its remaining troops in Iraq European Union extended to October 31, 2019 campaign • Suicide bomb attacks on London's transport network Referendums in Scotland and Wales back the • • Good Friday Agreement on a political against Iraq creation of separate assemblies settlement for Northern Ireland • Large-scale public spending cuts aimed at reducing UK's budget decit • International intervention in the conict in Libya War in Yugoslavia and Kosovo • • Irish Republican Army (IRA) announces formal end to its armed campaign • David Cameron proposes a referendum on whether September – 9/11 • London hosts the 2012 Summer Olympics and Paralympics • to leave the European Union Air strikes on targets in Afghanistan • Birth of Prince George of Cambridge, who is third in line to the throne • • Voters in a referendum in Scotland reject independence, by 55% to 45% UK voters in a referendum opt to quit the European Union. David Cameron resigns • Formal negotiations begin to end Britain's membership of the European Union • Industry/regulatory Welfare Reform and Pensions Act • • Child Support, • Pensions Act introduces workplace pensions reform including • FCA introduces a ban on milestones introduces Stakeholder Pensions and Pensions and Social requirement for auto enrolment from 2012 differential charging and DC pension sharing on divorce Security Act replaces commissions in workplace • Pensions Act establishes a new Pensions Regulator and Pension Protection Fund SERPS with the State personal pension schemes Second Pension (S2P) • Employment Equality (Age) Regulations prohibit unjustied direct and indirect age discrimination • Pensions Act increases state pensions age for men and women • Finance Act simplies tax regimes for pensions to 66 by 2020, and amends elements of 2008 Pensions Act Pension Credit Act replaces income support for people aged 60+ • Finance Act changes rules on annual contribution and lifetime balance • with a guaranteed minimum income allowances, annuities and income drawdown rules Budget Statement introduces “Pensions Freedoms” from 2015, • Deadline for Master Trust authorisation • • Pensions Act, one of the most inuential pieces of primary allowing individuals to withdraw money from pension schemes as applications, March 2019 legislation for pensions, provides a stronger regulatory framework they please, and requires advice for DB to DC transfers for private pensions and increases the State Pension Age for Pension Schemes Act establishes a new regulatory regime for women from 60 to 65 between 2010 and 2020 • Master Trusts that includes an authorisation requirement Percentages Mandatory minimum contribution rates to UK dened contribution schemes 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Member Employer Total 1. 0 1. 0 2.0 1. 0 1. 0 2.0 1. 0 1. 0 2.0 1. 0 1. 0 2.0 1. 0 1. 0 2.0 1. 0 1. 0 2.0 3.0 2.0 Percentages5.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 Contribution Rates to DC Source:United Office Kingdom for National Statistics, the Pensions Regulator, Vanguard estimates, 2019. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Member Employer Total Number of active members of occupational pension schemes (millions) Weighted-average contribution rates to private sector occupational dened contribution schemes 3.1 6.6 9.7 2.9 6.1 9.1 1. 8 2.9 4.7 1. 5 2.5 4.0 1. 0 3.2 4.2 1. 0 1. 8 2.8 3.0 2.2 5.2 5.0 3.2 8.1 5.0 3.2 8.2 5.1 3.3 8.4 5.1 3.3 8.4 5.2 3.4 8.6 5.2 3.4 8.6 5.3 3.5 8.8 Mandatory20 Minumum Contribution Rates to Dened Contribution Schemes* 1. 0 1. 0 2.0 1. 0 1. 0 2.0 1. 0 1. 0 2.0 1. 0 1. 0 2.0 1. 0 1. 0 2.0 1. 0 1. 0 2.0 3.0 2.0 5.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 5.0 3.0 8.0 Forecasts Source: Office for National Statistics, the Pensions Regulator, Vanguard estimates Millions 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Office for National Statistics, Vanguard estimates, 2019. Public sector DB Private sector DB Private sector DC Industry Growth Forecasts 200% 3,700 Total assets (LHS) Retirement income% Pension assets as % of GDP (RHS) Retail DC% Workplace DC% Funded DB% (£, bn) 0 0% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Willis Towers Watson Global Asset Study, IMF, Hymans Robertson, Spence Johnson, NMG, Vanguard estimates, 2019. 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 UK Prime Ministers John Major Tony Blair Gordon Brown David Cameron (Conservative) David Theresa May Conservative Labour Labour and Nick Clegg (Lib Dem) Cameron Conservative (Coalition (Cameron–Clegg) 2010-15) Con. Boris Johnson Secretaries of State with Peter Lilley Harriet Alistair Darling Andrew Smith John Hutton James Purnell Yvette Iain Duncan Smith Damian Esther Amber responsibility for pensions Conservative Harman Cooper Green McVey Rudd Alan Johnson David Blunkett Peter Hain Stephen Crabb David Gauke Thérèse Coffey Major events • Government announces that BSE, or 'mad cow disease', • UK government part-nationalises three leading banks following the global “credit crunch” can be transmitted to humans UK joins • Article 50 deadline for leaving the • US-led military • Death of Diana, Princess of Wales • Britain withdraws bulk of its remaining troops in Iraq European Union extended to October 31, 2019 campaign • Suicide bomb attacks on London's transport network Referendums in Scotland and Wales back the • • Good Friday Agreement on a political against Iraq creation of separate assemblies settlement for Northern Ireland • Large-scale public spending cuts aimed at reducing UK's budget decit • International intervention in the conict in Libya War in Yugoslavia and Kosovo • • Irish Republican Army (IRA) announces formal end to its armed campaign • David Cameron proposes a referendum on whether September – 9/11 • London hosts the 2012 Summer Olympics and Paralympics • to leave the European Union Air strikes on targets in Afghanistan • Birth of Prince George of Cambridge, who is third in line to the throne • • Voters in a referendum in Scotland reject independence, by 55% to 45% UK voters in a referendum opt to quit the European Union. David Cameron resigns • Formal negotiations begin to end Britain's membership of the European Union • Industry/regulatory Welfare Reform and Pensions Act • • Child Support, • Pensions Act introduces workplace pensions reform including • FCA introduces a ban on milestones introduces Stakeholder Pensions and Pensions and Social requirement for auto enrolment from 2012 differential charging and DC pension sharing on divorce Security Act replaces commissions in workplace • Pensions Act establishes a new Pensions Regulator and Pension Protection Fund SERPS with the State personal pension schemes
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