DC Master Trust League Table 2026 ~ H2
The Defined Contribution (DC) master trust market continues to evolve at pace. Regulatory change, provider consolidation and increasing scrutiny of value for money are reshaping the market.
Our latest league table shares key metrics, as provided by the master trusts, as at 30 June 2026 and focuses on master trusts that are available, in principle, to all employers on a commercial basis. Industry-specific arrangements and trusts restricted to particular employer groups have been excluded.
The 2026 H1 league table can be viewed here.
| Master Trust | FUM | Previous FUM (H1 2026) | No Members | No Employers | FUM - Main Scale Default Arrangement (30 June 2026) | Trustpilot rating *** (data at 20/08/2026) | Link to Trustpilot reviews |
|---|---|---|---|---|---|---|---|
| Aegon | £7,283,000,000 | £6,458,000,000 | 207,012 | 52 | £13,550,450,000 | 4.2 - Org | https://uk.trustpilot.com/review/www.aegon.co.uk |
| Aon Master Trust | £9,000,000,000 | £7,800,000,000 | 198,000 | 55 | £11,100,000,000 | 4.2 - Admin | https://uk.trustpilot.com/review/www.aegon.co.uk |
| Aviva Master Trust | £20,380,572,594 | £17,479,027,189 | 625,277 | 648 | £44,250,000,000 | 4.3 - Org | https://uk.trustpilot.com/review/www.aviva.co.uk |
| Cheviot * | £156,300,000 | £156,300,000 | 5,000 | 68 | not provided | not available | |
| Cushon Master Trust | £4,500,000,000 | £3,870,000,000 | 734,616 | 18,219 | £2,417,377,879 | 4.5 - Org | https://uk.trustpilot.com/review/cushon.co.uk |
| Fidelity Master Trust | £15,400,000,000 | £13,800,000,000 | 225,496 | 261 | £26,700,000,000 | 4.6 - Org | https://uk.trustpilot.com/review/www.fidelity.co.uk |
| Legal and General | £45,274,074,822 | £40,238,764,110 | 2,233,723 | 385 | £39,293,065,552 | 4.3 - Org | https://uk.trustpilot.com/review/legalandgeneral.com |
| LifeSight | £34,000,000,000 | £29,000,000,000 | 489,000 | 51 | £25,900,000,000 | 3.8 - MT | https://uk.trustpilot.com/review/www.lifesight-epa.com |
| Mercer Mastertrust | £11,682,523,546 | £10,331,316,288 | 296,274 | 87 | £19,651,209,636 | 3.9 - MT | https://uk.trustpilot.com/review/mercermoney.com |
| Nest | £68,400,000,000 | £53,100,000,000 | 14,000,000 | 1,200,000 | not provided | 4.0 - MT | https://uk.trustpilot.com/review/nestpensions.org.uk |
| NOW: Pensions | £8,073,209,049 | £7,142,682,572 | 2,581,778 | 24,429 | £8,000,281,452 | 3.9 - MT | https://uk.trustpilot.com/review/nowpensions.com |
| Scottish Widows* | £3,652,000,000 | £3,652,000,000 | 156,641 | 36 | not provided | 4.6 - Org | https://uk.trustpilot.com/review/www.scottishwidows.co.uk |
| The SEI Master Trust | £5,200,000,000 | £4,700,000,000 | 215,767 | 176 | £4,522,038,876 | 4.5 - Admin | https://uk.trustpilot.com/review/xpsgroup.com |
| Smart Pension ** | £10,610,000,000 | £9,331,000,000 | 2,026,419 | 98,348 | £6,891,000,000 | 4.7 - MT | https://uk.trustpilot.com/review/www.smartpension.co.uk |
| Standard Life | £16,738,358,486 | £14,220,449,734 | 389,484 | 1,259 | £40,400,000,000 | 3.0 - Org | https://uk.trustpilot.com/review/www.standardlife.co.uk |
| The Lewis Workplace Pensions Trust * | £100,000,000 | £100,000,000 | 17,135 | 235 | not provided | not available | |
| The Peoples Pension | £45,600,000,000 | £40,000,000,000 | 7,500,000 | 100,000 | £40,850,000,000 | 4.3 - MT | https://uk.trustpilot.com/review/thepeoplespension.co.uk |
| TPT Retirement Solutions | £5,100,000,000 | £4,600,000,000 | 414,311 | 2,185 | £4,699,448,405 | 4.6 - Org | https://uk.trustpilot.com/review/tpt.co.uk |
* 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).
*** Trustpilot reviews: Admin = rating relates to the current administrator of the master trust, MT = rating relates to the master trust, Org = rating relates to the organisation.
Adding a new dimension: member reviews
For the first time, we have included the latest (at time of publishing) publicly available Trustpilot ratings sourced from the UK Trustpilot website in our league table.
Where possible, ratings have been attributed directly to the master trust itself (“MT”). In some cases, ratings relate to the wider organisation (“Org”) or the administration provider (“Admin”), based on the published information available. These ratings are provided for information only and should not be interpreted as an assessment by Go Pensions.
While customer reviews should always be viewed with appropriate caution, they offer an additional perspective on the member experience and can help employers build a more rounded picture of a provider’s proposition.
Is scale telling the whole story?
Government policy has increasingly emphasised the benefits of scale within the DC pensions market. The underlying premise is that larger schemes can deliver better value through lower costs, greater investment opportunities and stronger governance arrangements.
The expectation is that fewer, larger pension schemes will be able to:
- Improve purchasing power and drive efficiencies
- Access a broader range of investment opportunities and greater diversification
- Offer enhanced governance
- Invest more heavily in member services
However, measuring scale purely by assets under management (in the provider’s main scale default arrangement) may only tell part of the story.
When we examine the average value of members’ pension pots, derived from total assets under management across the master trust market, a different picture begins to emerge. Some providers have achieved significant scale through large volumes of members, while others have built their position by focusing on a smaller number of employers with higher average employee pension wealth.
For employers selecting a master trust, this raises an important question: does larger always mean better value for your employees, or can a more targeted proposition deliver stronger outcomes for your membership?
The service question
Scale is only one measure of success. The experience members receive throughout their pension journey is equally important.
Customer review platforms, like Trustpilot, can provide useful insights, although it is recognised that individuals are often more motivated to leave feedback following a negative experience. Nevertheless, when member sentiment is considered alongside measures of scale and financial strength, it can help reveal another side of the story.
Assessing service quality is not straightforward. It requires consideration of both quantitative and qualitative measures, including responsiveness, digital capabilities, communication effectiveness, employer and member support.
The challenge for employers is determining how to objectively assess each of these factors when evaluating overall value.
Value is the sum of many parts
At Go Pensions, we believe that selecting the right master trust requires a balanced evaluation across a broad range of metrics. In addition to scale and performance metrics, we analyse other aspects of the overall proposition to help clients reach an informed decision. Areas we consider include:
- Investment performance net of charges,
- Member charges,
- Member education and engagement to help members make informed retirement decisions,
- Retirement solutions and decumulation options including emerging guided retirement propositions designed to meet upcoming Pension Schemes Act requirements,
- Governance and oversight arrangements,
- Administration quality and service delivery.
No single metric can provide a complete picture of value. Value is created through the combined strength of investments, service, governance, communication, innovation, member and client support.
Interested in knowing more?
Understanding the relative strengths of different master trusts requires more than a headline comparison of assets under management or scheme size.
At Go Pensions, we collect and analyse a comprehensive range of market data to help employers assess which provider is best suited to their workforce and requirements.
If you’d like to discuss the metrics we monitor across the master trust market, and how they could help inform decisions for your pension scheme, contact Tina on 020 8213 5860.