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Retirement reinvented

Adapting to the emerging retirement landscape

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After several years of transformational regulatory change, the retirement market is experiencing a moment of relative calm.

For the time being at least, there is a more stable environment in which to develop the next generation of retirement propositions that address the needs of a more self-sufficient, digitally-orientated customer, facing a more complex set of retirement choices.

57% of retirement providers in our research predict that dramatically different propositions will emerge – what we're calling 'retirement reinvented'.

For 2017, we identify five priorities for retirement providers to remain competitive in this new environment.

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43% of providers believe they have made significant progress in better using data to inform, segment and manage the experience of customers since our 2015 survey.

But it appears firms have further work to do. Only 7% of providers have fully optimised their use of data to support the customer experience.


Only 36% of providers feel they have made progress in applying innovative thinking to entirely new propositions.

43% feel regulatory uncertainty is the biggest barrier to innovation, followed by a lack of funding or capacity to implement new ideas.


93% of providers use a mixture of agile and waterfall delivery approaches, a significant increase on 2015 when only 69% of providers said they had embraced agile.

Alarmingly, only 14% said their change delivery is consistently good enough to meet their needs, but less than half of providers see extending agile as one of their top three priorities.


Conduct risk remains a big concern and providers are aware they need to mature their conduct risk capabilities.

In our previous survey, not all providers were concerned by conduct risk, with only 46% ranking the risk they faced as 'high'. This year, conduct risk has become a much larger priority, with 86% of respondents reporting a need to make changes to the way they handle it.


30% of providers have seen a pick up in financial crime since our last survey. Of those reporting a rise, half believe this has been directly driven by Freedom and Choice changes.

86% of providers believe that they have robust controls in place. However, it remains to be seen how robust these controls are without being tested by real financial crime exposure.

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Our research surveyed senior executives from 14 major UK retirement providers. To learn more about the above five priorities for 2017, download a copy of our summary report.

A more detailed breakdown of results is available to those who participate in our research.

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Contact the authors

Financial services - Sweden

Magnus Krusberg

Magnus Krusberg

Maria Gustavsson

Maria Gustavsson


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