DC Master Trust League Table 2023
We are excited to publish Go Pensions’ 2023 DC Master Trust league table.
Featuring key metrics from the ‘commercial’ master trusts, reflecting the position at the beginning of 2023. This table includes the 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 excluded).
| Master Trust | FUM | Previous FUM (Q3 2022) | No Members | No employers |
|---|---|---|---|---|
| Aegon | £3,620,000,000 | £3,620,000,000 | 168,230 | 47 |
| Aon Master Trust | £4,100,000,000 | £2,000,000,000 | 117,000 | 35 |
| Aviva Master Trust | £7,950,000,000 | £6,780,000,000 | 440,440 | 404 |
| Cheviot * | £156,300,000 | £156,300,000 | 5,000 | 68 |
| Crystal | £720,000,000 | £685,000,000 | 126,085 | 2,403 |
| Cushon (includes figures for the Workers Pension Trust and Creative Pension Trust) | £1,850,000,000 | £1,700,000,000 | 511,201 | 21,899 |
| Fidelity Master Trust | £5,300,000,000 | £5,000,000,000 | 146,217 | 141 |
| Legal and General | £20,667,164,948 | £18,222,723,777 | 1,686,949 | 272 |
| LifeSight | £14,500,000,000 | £13,500,000,000 | 325,000 | 40 |
| Mercer Mastertrust | £7,100,000,000 | £5,900,000,000 | 177,221 | 69 |
| National Pension Trust | £1,409,165,183 | £1,252,116,782 | 59,000 | 152 |
| Nest | £26,800,000,000 | £24,100,000,000 | 11,700,000 | 1,000,000 |
| NOW: Pensions | £3,500,000,000 | £3,500,000,000 | 2,000,000 | 30,000 |
| Options * | £400,000,000 | £400,000,000 | 240,000 | 4,200 |
| Scottish Widows | £1,768,578,999 | £1,581,043,000 | 108,556 | 25 |
| SEI Investments (Europe) Ltd (includes figures for the Atlas Master Trust) | £1,929,270,334 | £1,725,045,916 | 155,321 | 159 |
| Smart Pension | £2,856,000,000 | £2,206,000,000 | 1,093,643 | 86,707 |
| Standard Life | £5,547,533,896 | £5,224,896,132 | 228,441 | 1,213 |
| The Lewis Workplace Pensions Trust | £58,000,000 | £54,000,000 | 14,066 | 183 |
| The Peoples Pension | £20,000,000,000 | £17,600,000,000 | 6,000,000 | 100,000 |
| The Pensions Trust (TPT) * | £2,490,000,000 | £2,490,000,000 | 288,000 | 2,600 |
* Updated metrics were not available from these master trusts at the time of publication. The figures shown are the same metrics as previously published.
Consolidation continues as value improves
The pace of single employer DC trusts moving into master trust has continued. The 2023 DC Master Trust league table illustrates that in the 6 month reporting period almost 5,000 new employers have moved into DC master trust, bringing with them over 1,000,000 new members. And this trend is likely to continue.
DC Master Trusts are not standing still. Propositions continue to develop. Member outcomes are at the centre of development plans. Key areas under constant review are investment options, retirement options and the member experience. In particular we are seeing some great innovation around easy access to value for money guidance and advice.
And despite propositions becoming ‘richer’ – the market is becoming more competitive. We have been surprised to see some very attractive pricing being made available, in return for very well developed propositions; often including bespoke and targeted member communications, even for the smallest of employers.
Watch this space
To complement the 2023 DC Master Trust league table, we will once again be carrying out our annual DC Master Trust survey. We expect to share the results in the summer. You can read our 2022 DC Master Trust Report here. Pensions Expert picked up some of the themes from that report in their article here.
Sign up below to be among the first to know when the results of our 2023 DC Master Trust report become available.
Interested in hearing more?
If you would like to hear more about the latest developments in the DC Master Trust market, please contact Tina on 020 8213 5860.
Information contained in this article is correct at the time of publication and may change in the future. Content from this league table may not be copied or replicated without prior consent. Please credit Go Pensions if sharing or referencing this league table.