DC Master Trust League Table 2024 ~ H2
We are pleased to share the latest Go Pensions’ DC Master Trust league table.
Featuring key metrics from the ‘commercial’ master trusts, this latest update reflects the position at the 2024 half-year point.
This table includes the master trusts that are available, in principle, to all employers as a commercial proposition. Specific industry master trusts, or those available only to certain groups of employers are excluded.
| Master Trust | FUM | Previous FUM (H1 2024) | No Members | No employers |
|---|---|---|---|---|
| Aegon | £4,708,000,000 | £4,159,000,000 | 182,034 | 47 |
| Aon Master Trust | £6,100,000,000 | £5,500,000,000 | 173,000 | 44 |
| Aviva Master Trust | £11,868,025,773 | £9,960,000,000 | 509,455 | 492 |
| Cheviot * | £156,300,000 | £156,300,000 | 5000 | 68 |
| NatWest Cushon (includes figures for the Creative Pension Trust) | £2,560,000,000 | £2,200,000,000 | 571,392 | 22,405 |
| Fidelity Master Trust | £8,700,000,000 | £7,100,000,000 | 185,900 | 217 |
| Legal and General | £27,653,524,831 | £25,052,287,714 | 1,886,511 | 307 |
| LifeSight | £22,000,000,000 | £17,000,000,000 | 420,000 | 44 |
| Mercer Mastertrust | £7,700,000,000 | £7,300,000,000 | 258,779 | 82 |
| Nest | £41,300,000,000 | £36,800,000,000 | 13,200,000 | 1,000,000 |
| NOW: Pensions | £5,066,910,119 | £4,400,000,000 | 2,492,462 | 26,177 |
| Options * | £400,000,000 | £400,000,000 | 240,000 | 4,200 |
| Scottish Widows | £2,718,432,333 | £2,535,285,347 | 129,197 | 31 |
| The SEI Master Trust | £4,400,000,000 | £4,000,000,000 | 231,021 | 241 |
| Smart Pension | £5,671,000,000 | £4,976,000,046 | 1,479,472 | 92,279 |
| Standard Life | £10,284,913,606 | £8,812,875,509 | 299,204 | 1,215 |
| The Lewis Workplace Pensions Trust * | £71,000,000 | £71,000,000 | 15,326 | 210 |
| The Peoples Pension | £28,000,000,000 | £25,000,000,000 | 6,500,000 | 100,000 |
| TPT Retirement Solutions | £3,500,000,000 | £3,100,000,000 | 361,276 | 2,088 |
* 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
Consolidation in the master trust market has continued at a pace in line with our expectations. Indeed since publishing our previous league table, Mercer has reached an agreement to acquire Cardano, including Now:Pensions.
In some cases we have seen the “innovators” acquire smaller, less agile master trusts. But there has also been activity associated with streamlining of business strategy. There are certainly no hard and fast rules to identify which master trusts might be at risk of acquisition.
We have predicted for some years that the commercial master trust market (i.e. those available, in theory, to all employers) will settle at 10-15 master trusts. That would still offer choice for different types of employers and would sustain a healthy level of competition. The numbers are certainly trending in line with our prediction.
Managing a shrinking market
With the continuing trend to master trust, the number of remaining own-trust DC schemes is reducing. A shrinking market of prospective clients has lead to master trusts innovating further and reconsidering their target markets. There are certainly more opportunities available for small schemes / employers looking to move into master trust. For employers entering the master trust market, where options were once limited, many value-add extras are now available, at reasonable price points.
Look out for our 2024 annual master trust report which will be released shortly for more detailed insights into the master trust market. You can review our 2023 report here.
More information available
If you would like to hear more about what are seeing in the market, contact Tina on 020 8213 5860.