Pensions Regulator publishes survey of trust-based occupational DC pension schemes

The Regulator has published a report summarising the findings from its March 2025 survey of trust-based occupational DC pension schemes.

The findings show that scheme performance improves in line with size. 

The survey found that all master trusts surveyed offer decumulation benefit options but awareness of the proposed new duty under the Pension Schemes Bill diminished with the reduction in scheme size. Some 77 per cent of large and 76 per cent of medium schemes were aware of the forthcoming duty but this fell to 47 per cent of small schemes and 13 per cent of micro schemes.

Around half of the schemes surveyed with some knowledge of the proposed duty to offer decumulation benefit options had started reviewing their decumulation offering as a result (but this equates to just 8 per cent of the schemes surveyed). 

Over half of schemes surveyed provided members with access to relevant guidance services to help them make retirement decisions, while 32 per cent partnered with financial advisers and 31 per cent provided personalised communications on decumulation options. However, a third of schemes did not provide any support to members other than statutory communications. This was the case for 40 per cent of micro and 31 per cent of small schemes but was rare among larger schemes.