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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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