Wealthy individuals have diverse retirement finance needs. This report assesses wealthy consumers and the pension products they use. It contains analysis of the proposed tax and pension contribution changes that will affect wealthy individuals. The report gives forecasts of how pensions will grow and how competitors can win in the retirement planning wealth market.
Features and benefits
Highlights
Wealthy individuals are a non-standard consumer segment and form a minority of the population. In the UK there are approximately 9.5 million affluent individuals with £30,000 or more in liquid assets, accounting for 20% of the adult population.
Wealthy individuals characteristically have a wide portfolio of investments, designed to meet specific needs, such as aggressive growth, tax minimization or protection. The customer can elect to have a high level of self-control or can choose to have their portfolios wholly managed on their behalf.
Wealthy individuals in the UK who want to invest in private pensions do so using self-invested personal pensions (SIPPs). SIPPs are mostly sold through channels offering high quality advice to clients and are especially suitable retirement vehicles for the wealthy as they offer more facilities than a personal pension.
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