DC Master Trust League Table 2025 ~ H1
We are pleased to publish below Go Pensions’ latest DC Master Trust league table.
The table displays key metrics from the ‘commercial’ master trust markets reflecting the position at the 2024 year-end point.
We include 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 (H2 2024) | No Members | No Employers |
|---|---|---|---|---|
| Aegon | £5,233,000,000 | £4,708,000,000 | 186,617 | 47 |
| Aon Master Trust | £6,500,000,000 | £6,100,000,000 | 180,000 | 43 |
| Aviva Master Trust | £13,443,798,208 | £11,868,025,773 | 537,621 | 551 |
| Cheviot * | £156,300,000 | £156,300,000 | 5,000 | 68 |
| NatWest Cushon | £2,858,793,000 | £2,560,000,000 | 611,918 | 20,111 |
| Fidelity Master Trust | £10,600,000,000 | £8,700,000,000 | 199,700 | 237 |
| Legal and General | £29,853,619,128 | £27,653,524,831 | 1,954,253 | 324 |
| LifeSight | £23,000,000,000 | £22,000,000,000 | 430,000 | 46 |
| Mercer Mastertrust | £8,350,000,000 | £7,700,000,000 | 279,014 | 82 |
| Nest | £48,100,000,000 | £41,300,000,000 | 13,700,000 | 1,000,000 |
| NOW: Pensions | £5,648,524,241 | £5,066,910,119 | 2,471,701 | 24,522 |
| Options * | £400,000,000 | £400,000,000 | 240,000 | 4,200 |
| Scottish Widows | £3,441,000,000 | £2,718,432,333 | 150,807 | 35 |
| The SEI Master Trust | £4,000,000,000 | £4,400,000,000 | 209,981 | 177 |
| Smart Pension | £6,547,000,000 | £5,671,000,000 | 1,518,999 | 93,940 |
| Standard Life | £11,247,969,728 | £10,284,913,606 | 311,749 | 1,219 |
| The Lewis Workplace Pensions Trust | £100,000,000 | £71,000,000 | 16,645 | 232 |
| The Peoples Pension | £32,000,000,000 | £28,000,000,000 | 6,800,000 | 100,000 |
| TPT Retirement Solutions | £3,800,000,000 | £3,500,000,000 | 372,508 | 2,036 |
* Updated metrics were not available from these master trusts at the time of publication. The figures shown are the same metrics as previously published.
Modest growth
On the face of it, based on the data provided by master trusts, funds under management have kept pace with markets. The number of employers and indeed members covered by the master trust market has remained somewhat static since we published our H1 2024 league table.
Interrogating the historic data further, it’s clear that a small number of master trusts have seen the greatest growth (in terms of members / new employer schemes). If we remove the impact of master trust consolidation and acquisition, there are arguably two or three master trusts dominating new business.
Innovation continues
Master trusts have typically been great innovators, in particular developing member technology and engagement. We now have a market where the vast majority of the master trusts make a smart phone app available to members and the functionality available is increasing.
We touched further upon this topic in our 2024 DC master trust report. You can review the report here.
The next wave of innovation relates to post-retirement solutions. Many providers are developing their ‘to and through retirement’ investment strategies. They are looking at innovative strategies to solve the DC retiree challenge of income certainty in retirement, without running out of DC funds too early. This is a fast-evolving area that we intend to delve more deeply into in our 2025 DC master trust report.
Scale and consolidation
At the time of writing, we await the outcome of latest pensions consultation: unlocking the UK Pensions markets for growth. It seems certain that a minimum scale for multi-employer DC schemes will be set. This will drive more consolidation across the master trust providers. We continue to predict that the market will settle at around 10-15 master trusts. This will achieve the aims of better outcomes for members whilst keeping fees low. It will also continue to support a competitive market, giving employers flexibility to find a provider suited to their employees.
You can read more about the consultation here.
More information available
With this level of activity in the market, it’s important that employers and sponsors have access to current and whole of market insight. If you would like to hear more about what are seeing in the market, contact Tina on 020 8213 5860.