This report examines the pensions market in Northern Ireland and the Republic of Ireland. It looks at the market in terms of the total value of pension assets and how the market has changed over a six-year period. This is particularly relevant due to the recent shift from company-defined benefit schemes, where an individual gets a pension worth a percentage of their final salary, to defined contribution schemes, where the amount an individual now receives depends on what was contributed by them and their employer and on how the funds perform. The element of risk has therefore moved from the employer to the employee.

This report examines the pensions market in Northern Ireland and the Republic of Ireland. It looks at the market in terms of the total value of pension assets and how the market has changed over a six-year period. This is particularly relevant due to the recent shift from company-defined benefit schemes, where an individual gets a pension worth a percentage of their final salary, to defined contribution schemes, where the amount an individual now receives depends on what was contributed by them and their employer and on how the funds perform. The element of risk has therefore moved from the employer to the employee.

Investigating the market’s drivers, size and trends, segmentation, supply structure and distribution, this report also uses consumer research to analyse the penetration of pension schemes within key target groups for marketers in this industry. Exploring all the key topical issues and salient industry talking points, this report offers a level of insight that is vital for conducing targeted and focused marketing activity in this sector. Key findings include:

Consumer needs and demographics changing

Government efforts still falling short

Complacency among consumers in their twenties and thirties

2003 estimates of the value of pension assets only 2% higher than 1998 figures

Company schemes increasingly effective vehicle for pensions uptake

State and employer reliance still strong

Stronger growth in NI since 2001

This report has been produced as part of Mintel's Irish Series and is sold in Ireland exclusively through our sales agency, OCO Consulting, based in Belfast.