The DC provider report - August 2025

Defined contribution (DC) pensions are at a turning point. With retirement adequacy and long-term value firmly on the Government and industry agenda, providers are under pressure to demonstrate how their default investment strategies deliver for members—not just today, but at retirement.

Our latest DC provider report offers a timely review of the master trust and GPP market, combining past performance analysis with forward-looking modelling to assess what this really means for different types of members. In an evolving landscape shaped by new regulations and growing demand for innovation, this report gives trustees, employers and advisers a clearer view of where the market is heading.

In this edition, we explore:

• Performance vs outcomes - Why assessing default strategies through the lens of future member outcomes gives a more complete picture than relying on historic returns alone.
• The road to scale - How providers are positioned relative to new Government targets for default fund size, and what that means for future consolidation.
• Innovation in defaults - How providers are integrating private market assets into their strategies, and the trade-offs between cost, complexity and long-term value.
• Member journey modelling - How expected retirement outcomes have shifted for members at different life stages, based on recent market conditions and provider strategy.

Download our report by filling out the form below to explore our insights. If the form doesn’t load, you can access it here.

If you have any questions about selecting the right master trust or GPP provider, transitioning from your employer trust-based scheme to a master trust, or understanding how different strategies impact member outcomes, please get in touch.

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