Below is the latest DC master trust league table showing who’s who in the market. These metrics represent the most recent data made available to us by the providers.
| Master Trust | FUM | Previous FUM(Q1 2021) | No. Members | No. Employers |
|---|---|---|---|---|
| Aegon | £3,300,000,000 | £2,403,000,000 | 138,207 | 35 |
| Aon Master Trust | £1,600,000,000 | £800,000,000 | 52,000 | 22 |
| Atlas | £1,450,000,000 | £1,320,000,000 | 113,000 | 28 |
| Aviva Master Trust | £5,966,000,000 | £4,600,000,000 | 330,157 | 306 |
| Cheviot | £156,000,000 | £144,000,000 | 5,000 | 68 |
| Creative Pension Trust | £600,000,000 | £392,005,888 | 202,091 | 14,203 |
| Crystal | £709,000,000 | £580,000,000 | 113,384 | 2,405 |
| Cushon | £360,000,000 | £300,000,000 | 66,000 | 3,170 |
| Fidelity Master Trust | £4,500,000,000 | £3,600,000,000 | 109,766 | 94 |
| Legal and General | £15,481,000,000 | £12,450,796,803 | 1,364,073 | 208 |
| LifeSight | £11,500,000,000 | £9,500,000,000 | 235,000 | 30 |
| Mercer Mastertrust | £3,400,000,000 | £2,800,000,000 | 110,347 | 54 |
| National Pension Trust | £1,258,000,000 | £1,000,000,000 | 47,332 | 164 |
| Nest | £19,400,000,000 | £15,700,000,000 | 10,100,000 | 910,000 |
| NOW: Pensions | £2,000,000,000 | £1,870,000,000 | 1,800,000 | 25,000 |
| Options* | £161,000,000 | £161,000,000 | 116,250 | 2,517 |
| Scottish Widows | £776,000,000 | £558,000,000 | 30,960 | 20 |
| SEI Master Trust | £445,000,000 | £407,000,000 | 25,465 | 28 |
| Smart Pension | £1,830,000,000 | £1,402,000,000 | 808,358 | 78,460 |
| Standard Life | £5,458,000,000 | £5,480,000,000 | 249,838 | 1,203 |
| The Lewis Workplace Pension Trust | £45,000,000 | £34,000,000 | 11,731 | 153 |
| The Pensions Trust (TPT) | £2,280,000,000 | £1,900,000,000 | 288,000 | 2,600 |
| The Peoples Pension | £15,200,000,000 | £12,700,000,000 | 5,400,000 | 99,000 |
| Workers Pension Trust | £350,000,000 | £293,000,000 | 115,069 | 5,257 |
* Updated metrics were not available from these master trusts at the time of publication. The figures shown are the same metrics as previously published.
The league table covers pension accounts for some 21.8 million members, across more than a million employer schemes.
A pivotal point in DC master trust history
It feels like we are at a pivotal point in DC master trust history. Before our next release of the DC master trust league table value for member (VFM) requirements will be in force. Relevant DC schemes with assets up to £100m will have started to transition to master trusts as a direct result. We may also have heard more from Guy Opperman about the Government’s plans for schemes in the £100m – £5bn size-range. Take a look at our previous article here and the Government’s consultation outcome here
We are already seeing consolidation among the master trusts themselves, with Cushon’s acquisition of the scheme funder of the Workers Pension Trust. Also, we are hearing anecdotally of others looking to build scale through acquisition. How will this activity change the look of the DC master trust league table?
The industry is at the precipice of so much change in the market, if you are considering a move to a master trust it’s important that you have up to date information. We are talking to the master trust providers regularly, hearing about their development strategies and how they are reacting to market changes.
If you would like more information on DC master trusts, or you would like to discuss your specific needs from a master trust, Tina would be delighted to chat with you. You can contact Tina on 020 8213 5860.