1.1. COVID-19 will cause uncertainty in the pensions space
1.2. Key findings
1.3. Critical success factors

2.1. The UK population is aging, squeezing the state pension
2.2. The state pension is insufficient and funding is under pressure
2.3. Almost half ofindividuals retire upon reaching the SPA
2.4. Individuals believe the state pension will help fund their retirement

3.1. Workplace pensions make up the largest share of the market
3.2. Royal London and Rothesay Life lead the market for pensions

4.1. Auto-enrollment has boosted individual pension savings
4.2. There has been a shift away from DB schemes
4.3. Pension pot characteristics and saving attitudes
4.4. The impact of COVID-19 on consumer attitudes towards pensions

5.1. A substantial proportion of individuals do not receive financial advice on their pension plans
5.2. Customers are rarely actively engaged with their retirement saving
5.3. Open finance and pensions dashboards can improvepension awareness and engagement
5.4. Improving awareness of pension income closer to retirement is another area of focus

6.1. Abbreviations and acronyms
6.2. Definitions
6.3. Methodology
6.4. Secondary sources
6.5. Further reading

List of Tables
Table 1: Trust-based premiums APE by product type (£m), 2015-19
Table 2: Individual premiums APE by product type (£m), 2015-19
Table 3: Top 10 UK individual and workplace pension providers by GWP, 2018
Table 4: Top 10 UK trust-based pension providers by GWP, 2018
Table 5: Size of main pension pot split by gender (all ages), 2020
Table 6: New total premiums APE by advice type (£m), 2015-19

List of Figures
Figure 1: The proportion of the UK population made up by over 65s is projected to grow
Figure 2: The old-age dependency ratio is projected to increase as the population ages
Figure 3: The SPA is increasing
Figure 4: The gender pension gap has fallen drastically
Figure 5: Pensioner poverty has increased in recent years, following a period of sustained decline
Figure 6: Most individuals plan to retire upon reachingthe state retirement age
Figure 7: Household income is a key determinant of when individuals plan to retire
Figure 8: Most individuals retire at around the SPA
Figure 9: The majority of individuals regard the state pension as the key way to fund their retirement
Figure 10: The total pension market grew 16.1% to £16.4bn APE in 2019
Figure 11: The pensions market will contract in 2020as a result of COVID-19, before returning to growth
Figure 12: Auto-enrollment staging by business size was completed in February 2018
Figure 13: Younger generations are the biggest winners from the introduction of auto-enrollment
Figure 14: Total minimum contributions rose to 8% of qualifying earnings in April 2019
Figure 15: 29.6% of workplace pension holders would never opt out irrespective of the contribution rate
Figure 16: The value of pension transfers has fallen, having boomed in 2017
Figure 17: 78.5% of respondents have a group, company,or workplace pension
Figure 18: Many individuals consolidate their pension pots at around retirementage
Figure 19: DC pensions dominate workplace pensions among younger individuals
Figure 20: Individuals lose track of how much their pension is worth over their working life
Figure 21: A substantial proportion of individuals aged 50 and above believe the size of their main pension pot is worth in excess of £100,000
Figure 22: On average the private pension pot of a man is three times the size of a woman's
Figure 23: Single individuals need at least £10,200 per annum at retirement to cover expenses
Figure 24: Most individuals desire an income between £1,000 and £2,999 per month in retirement
Figure 25: 55.4% of individuals contribute ?6% of their income to their pension
Figure 26: It is most common for employers to contribute at the minimum legal requirement
Figure 27: Confidence on how long pensions will last has eroded as a result of COVID-19
Figure 28: The majority of individuals have checked the value of their pensions as often as before the outbreak of the pandemic
Figure 29: Trust in pension providers remains largely unchanged by COVID-19
Figure 30: The independent advice channel accounts for the largest share of distribution for all types of pensions
Figure 31: Less than half of non-retired individuals seek advice about their pensions
Figure 32: Individuals are most likely to use free advice services when they require advice on their pensions
Figure 33: Most individuals do not register to use their pension provider's website
Figure 34: COVID-19 has not changed most individuals' frequency of communication with their pension provider
Figure 35: Most rely on default settings preselected by their pension provider
Figure 36: Pensions dashboards are set to reconnect individuals with all their pensions and improve awareness

Companies Mentioned
- Aviva
- Prudential
- Lloyds Banking Group
- Phoenix Group Holdings
- Zurich Financial Services
- BlackRock
- Fidelity
- LV=
- Quilter
- Rothesay Life
- Royal London
- Pension Insurance Corporation (PIC)
- Just Group
- Canada Life
- Threadneedle Pensions
- Aegon
- PensionBee
- Yolt
- Starling Bank
- Lumio
- Money Dashboard