The Pensions Powerbrokers

Pensions & benefits Professional trustee selection DC pensions DB pensions Policy & regulation

This report series examines where pension assets are held and the crucial role trustees play in managing them.

Pensions Powerbrokers 2: The DC Generation

Last year, we launched ‘The Pensions Powerbrokers’ report, uncovering where Defined Benefit (DB) pension assets sit as the UK government looks to pensions to drive economic growth. We found that fewer than 500 DB trustees control more than half of all DB assets.

This year’s report reveals an even starker picture - in Defined Contribution (DC) pensions, power is ten times more concentrated, with the shift towards ‘mega‑funds’ set to intensify this further.

Based on 15 in‑depth interviews with industry stakeholders, including trustees and providers of Master Trusts, the report explores five key questions:

What issues arise from the consolidation of power in the hands of a remarkably small number of people? From diversity of thought to the balance of power between trustees and providers.
Has provider power remained important?
How is the role of DC trustees evolving and becoming more challenging? Driven by increased scale and constant regulatory change.
Is the employer voice becoming ‘muffled’?
Is the member voice becoming quieter?