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This year marks the eleventh edition of the Pensions Policy Institute’s DC Future Book. In keeping with the evolving pensions landscape, this edition takes a new format. Rather than a full report, we are presenting our analysis as a focused slide deck, designed to make the key trends, data, and insights on the Defined Contribution (DC) market more accessible and easier to use. |
The Future Book remains the trusted annual reference point for data and commentary on DC pensions. This year’s streamlined output ensures that the core analysis continues to be available while paving the way for new insights and approaches in future editions.
11.3 million employees had been automatically enrolled by June 2025. Yet, 11.8 million workers remain ineligible, for the second year
in a row.
Trust-based DC schemes now hold 88% of active memberships, compared to 60% in 2023/24.
According to the PPI DC Asset Allocation Survey 2025, most master trust members (73%) and GPP members (64%) remain invested in their schemes’ main default arrangements. Before de-risking, defaultsallocate most assets to listed equities: around 70% in master trusts and 80% in GPPs. After de-risking, equity exposure falls to around one-third, with greater weighting to bonds.
Median DC pot sizes have risen steadily to £15,000 in 2024, while total DC assets have quadrupled since 2015, reaching £1.2 trillion.
The number of workers found ineligible for automatic enrolment due to age or earnings had risen to around 11.8 million, now exceeding the number of eligible employees. In addition to the 11.3 million employees who had been automatically enrolled by June 2025, a further 12.3 million employees were already active members of a qualifying scheme on the staging date.
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| Head of Business Development | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| Technical Pensions Actuary | ||
| Remote - Negotiable | ||
| Senior Portfolio Manager | ||
| London - £130,000 Per Annum | ||
| BPA Origination Manager | ||
| London/hybrid 2-3dpw office-based - Negotiable | ||
| Pensions consulting in the capital | ||
| London / hybrid 2 days p/w office-based - Negotiable | ||
| BPA Data Specialist | ||
| South East / hybrid 3dpw office-based - Negotiable | ||
| Actuarial Valuations Analyst (Life) | ||
| Scotland / hybrid 2-3 dpw office-based - Negotiable | ||
| Calling all actuarial associates! | ||
| Flex / hybrid - Negotiable | ||
| Actuarial Systems Manager | ||
| South East / hybrid 3dpw office-based - Negotiable | ||
| Actuarial Systems Consultant | ||
| South East / hybrid 3dpw office-based - Negotiable | ||
| Multiple Pensions Contracts | ||
| London/Scotland/Remote - Negotiable | ||
| Actuarial modelling expert - life ins... | ||
| UK flex / hybrid 2-3 dpw office-based - Negotiable | ||
| Professional Trustee | ||
| London or Manchester / Hybrid 3dpw office-based - Negotiable | ||
| Professional Trustee | ||
| London or Manchester / Hybrid 3dpw office-based - Negotiable | ||
| Products Expert - Life Insurance | ||
| Scotland / hybrid 2 days per week office-based - Negotiable | ||
| Senior Capital Modelling Actuary | ||
| London - £150,000 Per Annum | ||
| Senior Pricing Actuary | ||
| Fully remote - Negotiable | ||
| STAR EXCLUSIVE: GI model validation lead | ||
| Flex / hybrid 1 dpw office-based - Negotiable | ||
| NEW: In-house Pensions Actuary role | ||
| London or North East with flexi working - Negotiable | ||
| Scheme Actuary | ||
| South East / hybrid 2 dpw in the office - Negotiable | ||
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