Savings into defined contribution pension schemes increased by more than one fifth last year to £5.4bn, according to figures from The Pensions Regulator.
According to TPR’s DC Trust report, £48bn is now saved in DC pension schemes.
Member numbers increased by 29 per cent to 12.6 million people. Master trusts account for 10 million DC savers.
The report also found that the reduction in the number of schemes is continuing. Since 2010, the number of schemes, not including micro or self-administered schemes, has dropped by 52 per cent from 4,560 to 2,180.
TPR regulatory policy, analysis and advice acting executive director Anthony Raymond says: “For these new and existing savers we have a role to protect their benefits and so we are working hard to drive up standards of trusteeship.”
He adds: “We welcome the continued reduction in numbers of DC schemes. We have been concerned about a tail of sub-standard schemes and have been encouraging trustees who cannot or will not meet the standards we expect to consider consolidation.”
The TPR figures refer to occupational DC schemes with 12 or more members and exclude hybrids, micro DC schemes and personal DC schemes.