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Master Trusts: Market trends and insights

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Video - Podcast
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Pensions & benefits Master trust selection and advice Advisory for master trusts and providers DC member engagement and communication Financial wellbeing DC pensions

A market in motion, stronger propositions, further to go

In an increasingly competitive market, our report examines the key areas of focus for master trusts outside of investments. For employers and trustees alike, who are reviewing or looking to make the move to a master trust, we explore other important areas that have both an impact on the DC savers’ experience and ultimate outcomes.

Whilst the focus is on larger multi-employer master trusts, the report covers pension providers managing more than £700 billion of workplace pension assets across all arrangements, representing an estimated 85–90% of the total market.

This broader report follows our fifth annual review of default investment strategies, published in February this year. As with last year, it examines the main non-investment priorities for master trusts in a market that remains fast-moving, highly competitive and increasingly shaped by regulation.

Master Trusts Unpacked: A market in motion, stronger propositions, further to go

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What’s inside? 

  • Market development
  • How post-retirement offerings are evolving
  • Improving service standards
  • Member engagement
  • Financial confidence and understanding

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Read the previous edition

In the 2025 edition, we took a look at service performance over the previous two years, with some big gulfs between the best and worst master trusts.

Master Trusts Unpacked: Evolving propositions in a time of change

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