The UK defined contribution (DC) pensions market has made real progress on scale, cost efficiency and investment sophistication. But for scheme sponsors, employers, trustees, pension managers and providers, the key question is now more demanding: is that progress translating into better member outcomes?

In their latest report – published under Howden for the first time – Barnett Waddingham analyses 147 large DC schemes, covering £200bn of assets and 3.9 million members.

The findings show a market that is changing quickly:

• Master trusts continue to gain share

• Default investment design is becoming more sophisticated

• Private markets are moving further into the mainstream

• Digital access is improving, but deeper engagement remains harder to achieve

• At-retirement support is becoming a critical test of member value

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