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The future

of freedom

How to break free in the new world of retirement

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The Freedom and Choice changes of 6 April 2015, or F-day, heralded an unprecedented change to the UK retirement market. More broadly, F-day is seen as the catalyst for a fundamental transformation of the pension industry. Subsequently, the consultation on pension's tax relief announced in the Summer Budget 2015 further paves the way for a fundamentally different landscape.

About the survey

PA's second Freedom and Choice provider survey hears from leading retirement providers to understand their views on the opportunities and risks in the retirement market. It also provides insight into their current capabilities across proposition, operating model and delivery approach.

The overarching finding of the survey is that whilst F-day was a significant milestone, providers are now thinking more strategically about how to evolve their business. The survey reveals 25% of providers are only now embarking on their strategic journey, with a further 67% saying they still have "further to go" to deliver a compelling retirement proposition.

Eight winning themes

PA’s extensive team of retirement specialists boast a wealth of industry and consulting experience. In our view the most successful ‘freedom fighters’ will follow eight winning themes. 

Five years ahead, PA envisages a very different retirement market with new entrants bringing core capabilities in leveraging data, digital innovation and agile delivery. For existing players we predict further consolidation, as providers with scale gain a clear margin advantage. Most importantly, we believe that with the right investments, there will be better engaged customers, proactively thinking about their financial future and, on the whole, making sensible decisions.

Our report provides a snapshot of how the recent changes in the retirement industry can impact your business and offers a series of recommendations to help overcome them.

Download the full report

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