Master Trusts dominate as smaller schemes continue to exit the defined contribution (DC) market, new TPR data reveals

What This Means for Pension Schemes

TPR press releases signal regulatory priorities and enforcement activity. Trustees and scheme administrators should review this release for relevance to their own scheme governance, funding, and compliance obligations.

The consolidation of the DC market into large master trusts is accelerating. Smaller schemes increasingly lack the scale to deliver competitive member outcomes and meet the regulatory cost-of-governance bar. Trustees of sub-scale DC schemes should be reviewing whether consolidation is in their members' best interests.