DC Master Trust League Table 2026 ~ H1
This insight article considers the latest insights collected from the ‘commercial’ DC Master Trust Trust market.
The table displays key metrics reflecting the position at the 2025 year-end 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 (H2 2025) | No Members | No Employers |
|---|---|---|---|---|
| Aegon | £6,458,000,000 | £5,412,000,000 | 204,335 | 52 |
| Aon Master Trust | £7,800,000,000 | £7,100,000,000 | 197,000 | 55 |
| Aviva Master Trust | £17,479,027,189 | £14,713,357,554 | 601,664 | 626 |
| Cheviot * | £156,300,000 | £156,300,000 | 5,000 | 68 |
| NatWest Cushon | £3,870,000,000 | £3,300,000,000 | 706,000 | 19,772 |
| Fidelity Master Trust | £13,800,000,000 | £11,200,000,000 | 223,795 | 257 |
| Legal and General | £40,238,764,110 | £34,521,382,515 | 2,194,274 | 369 |
| LifeSight | £29,000,000,000 | £24,700,000,000 | 470,000 | 48 |
| Mercer Mastertrust | £10,331,316,288 | £8,700,000,000 | 288,941 | 86 |
| Nest* | £53,100,000,000 | £53,100,000,000 | 13,700,000 | 1,200,000 |
| NOW: Pensions | £7,142,682,572 | £6,193,467,488 | 2,597,704 | 24,302 |
| Scottish Widows* | £3,652,000,000 | £3,652,000,000 | 156,641 | 36 |
| The SEI Master Trust | £4,700,000,000 | £4,050,000,000 | 213,321 | 174 |
| Smart Pension ** | £9,331,000,000 | £6,795,000,000 | 2,000,000 | 97,000 |
| Standard Life | £14,220,449,734 | £12,080,531,024 | 370,359 | 1,243 |
| The Lewis Workplace Pensions Trust * | £100,000,000 | £100,000,000 | 17,135 | 235 |
| The Peoples Pension | £40,000,000,000 | £35,000,000,000 | 7,000,000 | 100,000 |
| TPT Retirement Solutions | £4,600,000,000 | £4,100,000,000 | 400,046 | 2,132 |
* 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) AND The Options Master Trust (which was fully integrated into Smart Pension in H2 2025).
The race for scale continues…
As we approach the all important measurement date of 2030, all eyes are on the value of assets under management.
Go Pensions’ high level analysis suggests that 40% of master trusts may not meet the scale requirements. Of course, the reality is more complex than that. Providers must hold a ‘Main Scale Default Arrangement’ with at least £25bn assets under management by 2030. The scale target applies at the individual “arrangement” (default fund) level, rather than just total scheme assets. For some providers the Main Scale Default Arrangement will apply across their other workplace pensions propositions as well as the master trust. The conclusions from the Government’s Pensions Investment Review can be viewed here.
A transition pathway will be permitted for smaller schemes holding £10bn in assets by 2030, as long as they have a credible plan to reach the required scale by 2035.
Even taking the easement into account, we will see further consolidation and we expect the market to settle at around 10-15 commercial propositions by 2030. Since we published the DC Master Trust league table 2025 – H2, WTW and Cushon reached agreement for WTW’s UK business to acquire Cushon from the NatWest Group.
No distraction to innovation
Despite master trusts’ focus on meeting the scale requirements, there is still a great deal of innovation taking place. In our discussions with providers we are seeing developments in many areas, including:
- member experience and digital enhancements,
- solutions to provide sustainable income in retirement,
- default decumulation solutions,
- varying approaches to investment in private markets, and
- consideration of Collective Defined Contribution.
In our 2025 master trust report we dispel the myth that master trusts are becoming the same. This is certainly not the case. There are master trusts out there to meet many employer and trustee board’s needs.
If you are considering a master trust, it’s key to consider what’s important to your employees and members. Amongst other things, you should consider the type of administration and member support you are seeking and the cultural fit. Giving your requirements due consideration in the context of the different propositions available in the market is a vital first step.
With 19 commercial master trust propositions available at the time of writing, the market continues to offer solutions for all types of employer or pension scheme. Whether you are looking to move to a master trust for the first time, to review your current master trust or you’re considering your options to meet guided retirement and default retirement requirements under the upcoming Pensions Bill, we will be pleased to share with you what we are seeing in the market. Contact Tina on 020 8213 5860.