DC Master Trust League Table 2025 ~ H2
This insight article explores the latest DC Master Trust Trust league table.
The table displays key metrics from the ‘commercial’ master trust market reflecting the position at the 2025 mid-year point. The data 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 2025) | No Members | No Employers |
|---|---|---|---|---|
| Aegon | £5,412,000,000 | £5,233,000,000 | 198,897 | 52 |
| Aon Master Trust | £7,100,000,000 | £6,500,000,000 | 185,000 | 44 |
| Aviva Master Trust | £14,713,357,554 | £13,443,798,208 | 569,100 | 581 |
| Cheviot * | £156,300,000 | £156,300,000 | 5,000 | 68 |
| NatWest Cushon | £3,300,000,000 | £2,858,793,000 | 687,000 | 20,400 |
| Fidelity Master Trust | £11,200,000,000 | £10,600,000,000 | 213,000 | 254 |
| Legal and General | £34,521,382,515 | £29,853,619,128 | 2,088,927 | 337 |
| LifeSight | £24,700,000,000 | £23,000,000,000 | 432,000 | 46 |
| Mercer Mastertrust | £8,700,000,000 | £8,350,000,000 | 282,351 | 83 |
| Nest | £53,100,000,000 | £48,100,000,000 | 13,700,000 | 1,200,000 |
| NOW: Pensions | £6,193,467,488 | £5,648,524,241 | 2,460,289 | 24,698 |
| Options Master Trust ** | £600,000,000 | £400,000,000 | 316,000 | 1,600 |
| Scottish Widows | £3,652,000,000 | £3,441,000,000 | 156,641 | 36 |
| The SEI Master Trust | £4,050,000,000 | £4,000,000,000 | 209,894 | 164 |
| Smart Pension ** | £6,795,000,000 | £6,547,000,000 | 1,518,999 | 93,940 |
| Standard Life | £12,080,531,024 | £11,247,969,728 | 346,123 | 1,227 |
| The Lewis Workplace Pensions Trust * | £100,000,000 | £100,000,000 | 16,645 | 232 |
| The Peoples Pension | £35,000,000,000 | £32,000,000,000 | 7,000,000 | 100,000 |
| TPT Retirement Solutions | £4,100,000,000 | £3,800,000,000 | 383,714 | 2,018 |
* Updated metrics were not available from these master trusts at the time of publication. The figures shown are the same metrics as previously published.
** Smart Pension figures include the Mercer Smart Pension (MSP). The Options Master Trust will be fully integrated into Smart Pension in H2 2025.
Member focused initiatives
We continue to see lots of innovative developments, with the member experience at the core.
Master trust providers are seeking to understand the members using their online services and exploring how to engage the less engaged. Many providers are tracking their member demographics and creating initiatives to target members with low or no app or portal usage.
In the same vein, there’s a lot more thought going in to tailor member communications so that they’re issued at the right time in the member journey. Providers are now looking to deliver information that’s most relevant to each member’s current situation.
Providers are considering how they can educate members not only about their master trust fund and performance, but how this fits into the bigger picture of retirement planning and financial wellbeing.
Finally, but by no means least, there is a major focus from providers on adapting investment strategies to support people at the point of retirement and throughout the years that follow. Many strategies are still being developed or tested, but new approaches are now emerging supported by new technology platforms.
Increasing scale
There has been a modest increase in the number of employers and members covered by master trusts since our last published league table. With a focus on the upcoming scale requirements under the Pension Schemes Bill, it is interesting to look at asset growth.
Of the 19 commercial master trust providers, just 3 have already achieved the much anticipated scale requirement of £25bn.
High level analysis suggests that we could see 40% of the current commercial master trust market fail to reach the required scale by 2030. This supports the prediction that we have long held that the market will settle at around 10-15 propositions. It is not surprising that consolidation continues.
Explore the market
If you are considering the move to master trust, get in touch with us to explore the latest market developments and what they mean for you. Contact Tina on 020 8213 5860.