Master Trust and GPP Default Report 2019


Click on the yellow button to download your copy of the Master Trust & GPP Default Report 2019.

Are your employees invested in the right Master Trust?
Master Trusts are now managing £60 billion of assets from the savings of ten million employees.
This essential report uniquely allows you to benchmark their investment performance for the first time*.

This vital performance guide clearly shows that the choice of pension provider has a significant impact on the ultimate retirement pot of each employee.

Brought to you as a joint venture by Corporate Adviser and REBA sponsored by Aon, atlas, Mercer and NEST.

*The Master Trusts Default Report 2019 analyses the decisions made by the 27 leading master trusts, representing more than nine tenths of the market. In order to interpret the relative performance of individual master trust and GPP default funds the Corporate Adviser team has created a benchmark called the Corporate Adviser Pensions Average (CAPA).


Debi O'Donovan

Debi O'Donovan


Emma Simon

Deputy Editor

Guy Opperman MP, minister for pensions and financial inclusion, Department for Work and Pensions

Guy Opperman

Minister for pensions and financial inclusion

John Greenwood


This research has been sponsored by: 

This report analyses the decisions made by the 27 leading master trusts, representing more than nine tenths of the market. They invest on behalf of more than 8 million employees, and well in excess of 4 million ‘deferred’ members (that is, individuals no longer contributing to a pension). It also looks at the performance of contract-based workplace pension schemes such as group personal pensions (GPPs) which hold the assets of well in excess of 3 million
employees. The combined assets of the master trust and contract-based default funds in this report totalled over £57bn as at 31.3.19.

Chapter 1: The size, shape and structure of master trusts and contract based default funds

Chapter 2: Asset allocation, risk and performance in master trust and GPP defaults

Chapter 3: DC pension providers’ relationships with asset managers

Chapter 4: Moving into retirement


Aegon Retirement Choices, Aegon TargetPlan, Aon MasterTrust, Atlas Master Trust, Master Trust, Aviva Master Trust, Bluesky Pension Scheme, Carey Workplace Pension Trust, Creative Pension Trust, Crystal Trust, Ensign Retirement Plan, Fidelity Master Trust, Hargreaves Lansdown, Lewis Workplace Pension Trust, Legal & General WorkSave Pension Mastertrust, LifeSight, Mercer Master Trust, National Pension Trust, Nest, Now: Pensions, Prudential, Royal London , Salvus Master Trust, Scottish Widows GPP, Scottish Widows Master Trust, Standard Life DC Master Trust, Supertrust UK Master Trust, The Cheviot Trust, The People’s Pension, TPT, USS Pension Scheme DC Section & Workers Pension Trust

Aon Q&A

Atlas Q&A

Mercer Q&A

Nest Q&A 

About the authors

John Greenwood is editor of Corporate Adviser and has been writing about workplace pensions for 19 years. A winner of multiple industry awards for his journalism, he was formerly deputy personal finance editor at the Sunday Telegraph, prior to which he was deputy editor of Money Marketing.

Emma Simon is deputy editor of Corporate Advisor. She has over 14 years’ experience at Telegraph Media Group, where she was deputy personal finance editor of the Sunday Telegraph.