The consolidation of defined contribution pension schemes into master trusts is a process that has been ongoing for a considerable time. But this journey is far from over. Today the number of single-employer DC trust schemes in existence is already less than half that of a decade ago, yet TPR data shows more than £33bn remains outside authorised master trusts, without including DB/DC hybrids. The opportunity for employers with single-employer trust schemes to switch to lower-cost yet in many cases better- run master trusts is vast.

This guide covers all stages of the transfer process – the size of the market, reasons for switching, factors to bear in mind when choosing, communication strategies, a timeline for transfers and perspectives from TPR, advisers, lawyers and trustees.