The pensions market is evolving rapidly and master trusts are playing an increasingly significant role, as small employer-centered trust-based schemes are encouraged.

In this report we conduct an in-depth examination of the vast array of master trusts available and the considerations to be taken into account when using a master trust to ultimately provide good outcomes for members.

What's inside? 

We explore some of the key differences between providers’ approaches to default design and what that implies for:

• Growth: Have providers’ strategies raced ahead or trundled along in recent years?
• Consolidation: How smooth is transition from the growth phase to retirement and why does this matter?
• Shocks: What impact does default design have on members exposure to the risks of climate change?