DC Master Trust League Table 2022 ~ H2

DC Master Trust League Table 2022

We are delighted to publish the latest Go Pensions DC Master Trust league table. This is a very active market with rapid developments and policy makers looking on from on high. Key metrics have been gathered from the ‘commercial’ master trusts to reflect the position at the 2022 half-year mark. This table only includes master trusts that are available, in principle, to all employers as a commercial proposition. (Industry specific master trusts, or those available only to certain groups of employers are not included).

Master TrustFUMPrevious FUM (Q1 2022)No MembersNo employers
Aegon£3,620,000,000£3,660,000,000158,26244
Aon Master Trust£2,000,000,000£1,900,000,00044,00031
Aviva Master Trust£6,780,000,000£7,110,000,000396,850344
Cheviot *£156,300,000£156,300,0005,00068
Crystal£685,000,000£750,000,000119,4952,286
Cushon (includes figures for the Workers Pension Trust and Creative Pension Trust)£1,700,000,000£1,500,000,000485,00022,510
Fidelity Master Trust£5,000,000,000£5,100,000,000134,365116
Legal and General£18,222,723,777£17,143,320,2061,581,178254
LifeSight£13,500,000,000£12,500,000,000275,00037
Mercer Mastertrust£5,900,000,000£5,900,000,000156,73766
National Pension Trust£1,252,116,782£1,257,709,53053,641177
Nest£24,100,000,000£22,300,000,00011,200,0001,000,000
NOW: Pensions£3,500,000,000£3,000,000,0002,000,00030,000
Options *£400,000,000£400,000,000240,0004,200
Scottish Widows£1,581,043,000£1,584,433,000101,28725
SEI Investments (Europe) Ltd (includes figures for the Atlas Master Trust)£1,725,045,916£2,042,887,543150,42159
Smart Pension£2,206,000,000£2,097,000,000976,02281,537
Standard Life£5,224,896,132£5,510,214,696214,1871,209
the Lewis Workplace Pensions Trust£54,000,000£45,000,00012,832174
The Peoples Pension£17,600,000,000£17,400,000,0005,900,000100,000
The Pensions Trust (TPT)£2,490,000,000£2,400,000,000288,0002,600

Updated metrics were not available from these master trusts at the time of publication. The figures shown are the same metrics as previously published.

As we expected, we continue to see a rise in the number of employers participating in master trusts (some 1.2 million employers now covered by this master trust market). DC master trusts now provide benefits for over 24.5 million members. Assets under management exceed £117 billion.

Proposition Developments

Propositions are developing apace and differentiators are changing. In our latest DC master trust report we share an overview of where we are seeing DC master trusts focus their development efforts.

The small schemes conundrum – choice is out there

Small schemes under £100m asset value are supposed to be looking closely at their Value For Members. Our research tells us that small schemes don’t believe they have many options when it comes to master trusts, but that’s no longer the case. In fact, over half of the commercial master trusts will support schemes with assets below £10 million. Pensions Expert recently featured our small scheme findings in an article.

Member technology and the Pensions Dashboard Programme

Member portals for self service continue to develop – almost half of the master trusts offer on-line paperless identify verification. Over 60% facilitate the crystallisation of benefits from their portal – considerably higher than other pension provider markets. There is still plenty of room for development, but a positive move in the right direction which we feel will continue.

Meeting the priorities of members and sponsors

Almost 85% of master trusts have made developments specifically in response to market demands. Our research shows developments in technology and the accessibility of financial advice for members. For sponsors, we see more solutions for deferred member populations and drawdown for single employer trusts. In a complex product, we see members and employers making further demands to help them navigate.

Interested in hearing more?

To read more about our research findings, you can download a copy of the Go Pensions 2022 DC master trust report.

If you would like to hear more about what we are seeing in the DC master trust market, please contact Tina on 020 8213 5860.

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