Master Trusts by number of members

wdt_ID Master Trust Number of active members Percentage of active members in default
1 Salvus Master Trust 34,319 99
2 Aegon Master Trust 27,269 100
3 Mercer Master Trust 15 80
4 The People's Pension 1,700,000 99
5 Legal & General WorkSave Pension Mastertrust 423 97
6 Aon Master Trust
7 Aviva Master Trust 25,652 41
8 NEST 3,000,000 99
9 Scottish Widows Master Trust 26
10 Standard Life DC Master Trust 100,622
11 Atlas Master Trust 45,000 96
12 SuperTrust UK Master Trust 2,000 95
13 Now: Pensions 1 100
14 Welplan Pensions 28
15 TPT Retirement Solutions 165,000 96
16 Bluesky Pension Scheme 12 8,826
17 LifeSight (Willis Towers Watson) 40,000
18 Fidelity Master Trust 30
19 Ensign Retirement Plan 950 98
20 Smart Pension 532

The data shows that at 31.3.18 defaults varied widely in terms of number of members invested, from Nest, holding almost 3 million active and 3 million non-active members, to the Ensign Retirement Plan, the master trust for the seafaring industry, which has just 950 active members.

Nest, The People’s Pension and Now: Pensions between them have over 6m active members. Of the 17 other providers that gave us data on member numbers, only Smart Pension, Legal & General, TPT Retirement Solutions and Standard Life have master trusts with more than 100,000 members.

There has been much commentary about how providers will need scale to survive and thrive in the newly regulated master trust world. Some set up for auto-enrolment may look to exit the market, but robust smaller schemes in existence since before then were set up for more sustainable reasons and will be more likely to remain. Having achieved Master Trust Assurance Framework accreditation is another indicator of schemes likely to remain in the market.