The number of members in occupational trust-based defined contribution pensions in the UK has increased by 14 per cent over the last year, from 2.2m to 2.6m, data from the Pensions Regulator has shown.
The regulator’s snapshot of occupational trust-based DC schemes revealed there are £30bn of assets in DC schemes with 12 or more members.
The number of DC master trust schemes with 12 or more members has increased by 11 per cent from 44 to 49 and the membership of such schemes has increased by 50 per cent from 250,000 to 380,000.
DC memberships now account for 30 per cent of workplace pensions memberships, up 3 per cent from last year.
The average size of pension transfers is £30,000 and the average pot size at retirement remains at £25,000.
The update covers around 40,000 DC schemes.
Darran Burton, head of DC regulation of the Pensions Regulator, 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.
“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.”