The Pensions Regulator publishes on its website:
“New research shows the “unacceptable” scale of under-performance in small pension schemes, highlighting why they must improve or leave the market to protect savers.
The annual defined contribution (DC) survey report, published by The Pensions Regulator (TPR) today, also reveals that larger pension schemes, such as authorised master trusts, are more likely to be run well and provide good value for members.
Almost three quarters of savers (71%) are in pension schemes which are meeting all of the expected governance standards, an increase from 54% of savers in 2018 and 32% in 2017. Generally, the extent to which schemes meet governance standards increases with scheme size.
Most smaller schemes fail to meet standards of governance and trusteeship, with only 4% of micro schemes (which have between 2 and 11 members) and 1% of small schemes (which have between 12 and 99 members) meeting all of the governance standards.”
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