Between 2011 and 2025 the total number of schemes decreased by 78%, from 3,660 to 790. Total memberships increased by 7% between 2024 and 2025, from 30.6 million memberships in 2024 to 32.8 million memberships in 2025. With 30.1 million memberships, master trusts continue to provide for the majority (or 92%) of DC memberships. DC scheme assets (excluding micro and hybrid schemes) have grown by 22%, from £205 billion in 2024 to £249 billion in 2025. Master trusts hold £208 billion in assets (83% of DC schemes assets in total, excluding hybrid schemes).
Kelly Parsons, Head of DC Proposition at Broadstone commented: “The latest data from TPR emphasises the rapid change undergoing the UK’s DC market. The extent of the reduction in scheme numbers, combined with rising assets and member volumes, highlights how quickly provision is concentrating into a smaller pool of providers. Master trusts, in particular, continue to strengthen their position as the primary vehicle for workplace DC saving. In this environment, sub-scale schemes may face increasing pressure to consider strategic consolidation or partnerships to remain sustainable and meet member expectations. At the same time, the rising number of deferred members highlights a more complex membership profile, with individuals holding multiple pots. Schemes will need to prioritise effective engagement, data-driven insights, and member support to deliver meaningful retirement outcomes. For trustees and employers, the data serves as a timely reminder to review whether their current DC arrangements remain fit for purpose in a market that is becoming more concentrated, more competitive, and increasingly focused on delivering demonstrable value for members.
Maurice Titley, Commercial Director Data & Dashboards at Lumera: “The latest data from TPR points to a continued structural shift within the DC market, characterised by ongoing consolidation and steady growth in memberships. The 15% reduction in the number of schemes over the past year, and the longer-term decline, reflects a market increasingly oriented towards fewer, larger arrangements. At the same time, membership growth, driven primarily by deferred members, indicates a maturing system where individuals are accumulating multiple pots across their working lives, and emphasises the challenges the industry faces in areas like small pots consolidation. The continued expansion of master trusts, both in terms of membership and assets, further underlines the importance of scale in the current environment. These trends reinforce the regulator’s direction of travel, where scale, governance standards and operational capability are becoming increasingly important in supporting member outcomes. As the DC market continues to develop, the focus will be on how larger schemes utilise data, technology and scheme design to support members through both accumulation and decumulation.”
TPR Occupational defined contribution landscape in the UK 2025
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