DC Master Trust League Table 2023 ~ H2

DC Master Trust League Table 2023 ~ H2

We are pleased to provide the latest update to the Go Pensions’ 2023 DC Master Trust league table for the second half of the year.

Featuring key metrics from the ‘commercial’ master trusts, the latest update reflects the position at the mid-point of 2023. This table includes the master trusts that are available, in principle, to all employers as a commercial proposition. We have excluded industry specific master trusts, or those available only to certain groups of employers.

Master TrustFUMPrevious FUM (Q1 2023)No MembersNo employers
Aegon£3,880,000,000£3,620,000,000174,67147
Aon Master Trust£4,400,000,000£4,100,000,000142,00038
Aviva Master Trust£8,580,000,000£7,950,000,000454,870413
Cheviot *£156,300,000£156,300,0005,00068
Crystal *£720,000,000£720,000,000126,0852,403
Cushon (includes figures for the Workers Pension Trust and Creative Pension Trust)£1,920,000,000£1,850,000,000545,00021,500
Fidelity Master Trust£6,000,000,000£5,300,000,000152,347150
Legal and General£21,713,316,677£20,667,164,9481,749,758284
LifeSight£16,500,000,000£14,500,000,000360,00042
Mercer Mastertrust£7,100,000,000£7,100,000,000200,00072
National Pension Trust£1,500,000,000£1,409,165,18360,000153
Nest£30,000,000,000£26,800,000,00011,700,0001,000,000
NOW: Pensions£3,800,000,000£3,500,000,0002,100,00030,000
Options *£400,000,000£400,000,000240,0004,200
Scottish Widows£1,943,152,575£1,768,578,999111,56927
The SEI Master Trust (includes figures for the Atlas Master Trust)£2,100,000,000 £1,929,270,334 160,000159
Smart Pension£3,328,000,000£2,856,000,0001,160,00188,234
Standard Life£6,299,009,766£5,547,533,896240,9781,217
The Lewis Workplace Pensions Trust£66,000,000£58,000,00014,894204
The Peoples Pension£20,000,000,000£20,000,000,0006,000,000100,000
The Pensions Trust (TPT) £2,490,000,000£2,490,000,000300,0002,000

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

Acquisitions continue, but employer moves slow down

As predicted, master trust to master trust consolidation continues. In July 2023 we saw the announcements of SEI’s acquisition of National Pensions Trust and Smart Pension’s acquisition of Evolve Pensions. And we expect to see more similar announcements to follow.

We still believe that the commercial master trust market will settle at around 10 providers in the next five to ten years.

Interestingly, the data also shows a stark slow down in the number of employer schemes moving to master trust compared to previous quarters. Perhaps due to the need to balance conflicting priorities following the fallout from the September 2022 mini-budget. Despite this, we believe that the trend in this direction will continue. Master trust providers continue to look for solutions for some of the challenges that many of the remaining single-employer trust DC schemes face. For example hybrid arrangements or DB underpins. You can read more about the perceived barriers to consolidation in our 2023 DC master trust report.

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 based on information provided to Go Pensions and assumed correct at the time of publication. It will change over time. 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.

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