The DC master trust market is entering another period of change. Our latest Annual DC Master Trust report looks at what this means in practice for employers and trustees as well as what to consider next.
The report is published at a time when there is greater clarity around scale requirements. We are already seeing consolidation across the market and the report explores how many commercial master trusts are likely to meet the required scale. More master trusts will be acquired as the market continues to evolve.
It also marks an important milestone for employers. Ten years on from the auto-enrolment staging of employers with 50+ employees, many organisations are now reassessing decisions made a decade ago. The report highlights a growing trend of employers taking the opportunity to review whether their original master trust selection is still the right choice for today’s workforce.
Member experience is another key theme. Engagement and technology remain top priorities for employers considering a move to master trust. We examine recent developments in member functionality, the increasing use of apps and how some providers are tracking engagement by demographic or behavioural data to tailor their approach.
Navigating pensions for large organisations is more challenging than ever. The report covers a fraction of what we know about the master trust market. We would be happy to discuss what this means for your employee pension strategy and your options.
The 2025 report can be downloaded by clicking the button below to explore the findings in detail.
Finally, we would like to thank all the providers who completed the questionnaire again this year. Their time and insight are invaluable in helping to produce a robust, market-wide view.