The number of trust-based defined contribution members in the UK has increased by 14% over the last year, from 2.2 million to 2.6 million, the Pensions Regulator said today
30 JANUARY 2014 | BY JUDITH UGWUMADU
In its DC Trust 2014 report, TPR said there is now £30bn in trust-based schemes with 12 or more members. However, the number of trust-based schemes has reduced by 2% since 2012.
TRP also said the membership of DC master trust schemes increased by 50% from 250,000 to 380,000 members over 2013. The number of DC master trust schemes with 12 or more members jumped by 11% from 44 to 49.
Darran Burton, TPR's head of DC regulation, said: 'Automatic enrolment is already having an impact on the DC landscape and we are seeing an increase in the number of members, as well as participating master trusts.'
Overall, DC memberships now account for 30% of workplace pensions memberships - up from 27% last year.
Burton added: 'We recently published our DC code of practice and will be stepping up our work with pension schemes to ensure good practice is embedded across all trust-based schemes during 2014.'
TPR also said that the average size of a pension transfers is £30,000, while the average pot size at retirement was £25,000.