The UK’s DC landscape saw further concentration in 2025, falling 15 per cent, to 790 non-micro DC and hybrid schemes, according to data published by The Pensions Regulator.
The reduction in schemes is concentrated in non-micro schemes with fewer than 5,000 memberships, whilst the number of larger schemes remains stable.
Total memberships increased by 7 per cent between 2024 and 2025, from 30.6 million memberships in 2024 to 32.8 million memberships in 2025. With 30.1 million memberships, master trusts continue to provide for the large majority ( 92 per cent) of DC memberships.
DC assets in this sector have grown by 22 per cent, from £205bn in 2024 to £249bn in 2025. A broader upwards trend in assets per membership continues, with a 13 per cent increase from £7,000 in 2024 to £8,000 in 2025.
Kelly Parsons, head of DC proposition at leading independent financial services consultancy Broadstone commented: “The latest data from TPR emphasises the rapid change undergoing the UK’s DC market.
“For trustees and employers, the data serves as a timely reminder to review whether their current DC arrangements remain fit for purpose in a market that is becoming more concentrated, more competitive, and increasingly focused on delivering demonstrable value for members.”
A micro scheme is a scheme with 2 to 11 memberships, and there remains 24,370 of these in the UK, according to TPR.