The latest data from the pensions regulator shows a drop in the number of schemes to 951 as the value of assets under management grew by 21.18 per cent, the highest over the last decade.
The Retirement Benefits Authority (RBA), in its Statistical Digest 2024, shows the number of schemes stood at 951 last year, down from 967 in 2023, a contraction of two per cent.
However, this drop, as explained by the RBA, is associated with smaller schemes joining umbrella schemes, a push that has gained momentum from industry players in the recent past.
As a result, the number of schemes holding larger amounts in fund value is increasing.
