Global DC Peer Study Summary Report 2025 (old)

Key takeaways

▪ 50% of funds spend over 10% on technology ▪ AI integration accelerating

4. Technology on the rise

▪ Progressing with justification and better outcomes ▪ 63% of pension assets in Australia are managed by 8 super funds. 1 ▪ In the UK, The top 5 (by AUM) master trusts account for around 60% of trust assets held and around 80% of savers in the trust market. 2

5. Scale and consolidation

▪ Funds recognise the need for collective action and real economy focus ▪ Stewardship on macro / sector / public policy level ▪ 67% of peer participants have committed to Net Zero

6. Sustainability and systemic risk

▪ Average peer allocation 60% to equity, 20% to bonds and 20% to alternatives* ▪ Cost, governance and operational readiness are key barriers

7. Private markets ambitions vs constraints

▪ 94% of organisations said that the governance of the Board and senior leadership in their organisations is strong and effective

8. Governance and culture are extremely strong

▪ DC organisations are leaving member money on the table in their accumulation design

9. Accumulation design

1 Super insights KPGM; 2 Evolving the regulatory approach to master trusts, DWP UK *numbers are rounded

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