The Pensions Regulator published its 2024 DC landscape statistical release, showing continued consolidation in the UK defined contribution pensions market as the number of non-micro defined contribution and hybrid schemes fell 15% over 2024 to 920, taking the count below 1,000 for the first time. The reduction was driven mainly by schemes with fewer than 5,000 memberships. Memberships in DC schemes rose 6% to 30.6 million, with active members unchanged at 11.1 million and deferred members up 10% to 19.5 million. Master trusts accounted for 28 million memberships, representing 91% of DC and hybrid scheme memberships, and held GBP 166 billion of assets, representing 81% of all DC scheme assets. Total DC scheme assets increased 25% to GBP 205 billion, lifting assets per member by 17% to around GBP 7,000, with the growth attributed to contributions and investment returns; unless explicitly stated otherwise, figures refer to DC schemes with 12 or more members and exclude hybrid schemes. TPR also updated its data approach, reporting on micro and hybrid scheme assets for the first time and revising total asset figures for 2022 and 2023 upwards by 3% and 4% respectively following a correction to data submitted by one scheme. Alongside the statistics, TPR pointed to its ongoing initiative challenging smaller schemes on value for money, including findings that only 17% of surveyed small schemes were undertaking the required enhanced value for members assessment, and noted that more than GBP 33,000 in penalties have been issued for breaches with further penalties expected.

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