Pension market growing, expert claims

Tue, 05 Sep 2006

The pension market is growing in the UK, according to an expert.

Increased pension business has been recorded in the wake of government reforms earlier in the year, HSBC states.

The bank has seen a 50 per cent growth in pension business between the first and second quarters of the year.

Ian Martin, HSBC's head of pension and retirement income, remarks: "It was pleasing to see the Association of British Insurers' report that pensions business has grown rapidly in 2006 as this is something that we have also seen for this year.

"Increased awareness of the pension’s picture has been driven by the Pensions White Paper and the A-Day changes, which appear to have had a dramatic effect on public consciousness."

Mr Martin continues that consumers are demonstrating their confidence and willingness to speak to trusted pension providers, so the government should build on the existing industry framework when constructing the proposed pension saving scheme.

The government's reforms could lead to some UK residents working until they are 68, so personal pension plans could be a good option for many.


add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.

1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.

Join the Pensions NewsletterPensions Newsletter

Please enter your email below and subscribe to our monthly newsletter

Save money on your mortgageSave on Your Mortgage

Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.

Health cover, life insurance and PMIProtect Your Health

Find Critical illness, Life and Private Medical Insurance PMI policies.