The Pensions Regulator (TPR) published its 2025 DC landscape report on 17 March 2026, showing the number of defined contribution schemes fell by 15% to 790 in 20251. Assets rose from £205 billion in 2024 to £249 billion in 2025, an increase of 22%, and memberships were up by 7% on the previous year1.
TPR said the fall in scheme numbers was primarily driven by schemes with fewer than 5,000 memberships exiting the market, and described the decline as consistent with 2024, when the number of schemes fell below 1,000 for the first time1. All figures in the release refer to DC schemes with 12 or more members; scheme and membership numbers include hybrid schemes, while asset figures exclude them1.
Master trusts now account for the majority of DC members, holding 30.1 million memberships, or 92%, and £208 billion in assets, or 83%1.
| Measure | 2024 | 2025 | Change |
|---|---|---|---|
| DC schemes | Not reported | 790 | Down 15% |
| Assets | £205 billion | £249 billion | Up 22% |
| Memberships | Not reported | Not reported | Up 7% |
| Master trust memberships | Not reported | 30.1 million (92%) | Not reported |
| Master trust assets | Not reported | £208 billion (83%) | Not reported |
Richard Knox, TPR's Executive Director, Strategy, Policy and Analysis, said:
"In the new pensions world, we urge pension trustees of smaller schemes, in particular, to review their scheme today. Those that cannot match the stronger performers should consolidate out of the market and transfer savers to a better value scheme."
Knox also said larger schemes are better placed to deliver value for money, including stronger investment returns and better service, and that the current Pension Schemes Bill will speed up market dynamics1. TPR is the regulator of work-based pension schemes in the UK1.
Why it matters for households
The report covers occupational DC schemes with 12 or more members, so the figures describe where workplace pension savings sit rather than the total number of people saving1. The practical effect for members of a scheme that exits the market is a transfer of their savings to another scheme, which TPR describes as consolidation and a transfer to a better value scheme1. Memberships across DC schemes rose by 7% over the year, while the number of schemes fell, meaning the average scheme now holds more members1.
Master trusts, the multi-employer schemes that hold the bulk of DC memberships, account for 30.1 million memberships and £208 billion in assets1. More detail on how these schemes are run and protected is set out in our guide to master trusts, and on the providers that operate them in workplace pension providers and master trusts.
The report does not give a breakdown of scheme numbers, assets or memberships by nation, and no figures for individual schemes or providers have been reported1.
What happens next
TPR said the Pension Schemes Bill will speed up market dynamics, and urged trustees of smaller schemes to review their scheme1. No date has been reported for further TPR publications or for the bill's passage. Members who want to see their pension pots in one place can read our guide to pensions dashboards, and the wider subject is covered in our pensions section.
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