Analysis of large defined contribution schemes

2026 edition

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Is scale delivering better DC outcomes?

The UK defined contribution (DC) market is getting bigger, more concentrated and more sophisticated. But scale is only part of the story. 

Our 2026 analysis of large DC pension schemes looks at whether bigger schemes are turning their advantages into better value, stronger investment design, more effective retirement support and clearer member engagement.

Based on data from 147 large DC schemes across 11 leading providers, covering £200bn in assets and 3.9 million members, the report gives trustees, employers and providers a detailed view of how the large-scheme DC market is changing. It also includes insights from 13 whole master trusts, representing £197bn in assets and 14.8 million members.

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What the report covers

Large DC schemes are under growing pressure to show that scale, cost efficiency and investment innovation are improving outcomes for members. This year’s report explores:

  • How consolidation is reshaping the large-scheme DC market
  • Why master trusts are growing, but not all in the same way
  • What competitive pricing means in a value for money environment
  • How default investment strategies are changing, including the use of private assets
  • The gap between retirement design and actual member behaviour
  • Why digital access is improving faster than meaningful engagement
  • What these trends mean for trustees, employers, providers and members
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Why download the report?

The next phase of DC will not be judged by scale alone.

Trustees, employers and providers will need to show how scheme design, investment strategy, retirement support and engagement are working together to deliver better member outcomes.

Download the report to see where large DC schemes are leading the market, where challenges remain, and what this could mean for your own scheme or workforce.

Download the report