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DC Decumulation: The Emerging Default Landscape for Master Trusts

Decumulation is rising fast on the industry agenda, yet visibility across the market remains limited. Pi Partnership is pleased to share our latest research, which explores how 12 leading UK Master Trusts are preparing for the Pension Schemes Bill and the future of retirement income. Authored by Hans-Christoph Hirt and Laura Johns, the report offers practical insights, direct quotes, and case studies to build a clearer picture of current and emerging practices.

Some Key Findings 

  • Limited focus on income today: Most members cash out or take their tax-free lump sum. Structured drawdown is rare, yet average pot sizes are rising, expected to reach ~£225k by 2050.
  • Design varies: Half of providers still default into static funds at retirement. The other half offer post-retirement glidepaths.
DC Decumulation news for master trusts
  • Legislative readiness: 8 of 12 providers are actively developing decumulation defaults. Two (TPT and Aviva) have either launched or are ready to launch solutions and the report includes mini case studies on their approaches.
  • Emerging models: “Flex then fix” approaches dominate, combining drawdown and annuity, with ongoing glidepaths. TPT is planning to launch a whole-of-life CDC solution in 2027, with others monitoring this closely.

We are grateful to the 12 Master Trusts who took part – Aegon, Aon, Aviva, NatWest Cushon, L&G, LifeSight, Mercer, Railpen, Scottish Widows, SEI, Smart and TPT – contributing to an open and collaborative discussion.

We hope this report sparks useful conversations, recognising that ‘default’ doesn’t mean one-size-fits-all but should reflect the best fit for real member needs. Read the full report here to explore the strategies, innovations, and challenges shaping the next phase of DC decumulation.

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Amanda Burden

Director and Governance Specialist

Amanda is a Board Director of Pi Partnership Group and leads the development of Pi’s services. She works closely with clients, the Pi team and professional advisers to ensure all of Pi’s services meet the changing needs of the pension market and deliver clear value to Pi’s clients.

Amanda has over twenty-five years’ experience in the pensions industry and, as well as ensuring Pi’s services continue to meet the needs of our clients in a rapidly changing pension landscape, is also a member of Pi’s Executive Management Team. She provides specialist project management for clients on a range of services, including adviser selection and review, trustee board assessment and governance design.

As well as being a Fellow of the Pensions Management Institute (PMI) and Chair of the PMI London Group, Amanda holds PMI certificates in Pensions Automatic Enrolment and DC Governance, was a past Prince2 practitioner and is a Certified Risk Management Practitioner.

What do you most enjoy about your role:  Successfully delivering complex projects and creating a happy team environment.

Interests outside work: Travel, theatre and as part of Abundance London helping create beautiful spaces in urban settings.

Top achievement to date: Competing in the 2005/06 Round the World Clipper race.