DC default investment strategies in 2025

• All DC default pension providers delivered positive returns in 2025, supported by strong performance across all major asset classes • 71% of providers outperformed Howden’s passive portfolio test – up from 19% in 2024 in the growth phase, and 29% ‘at retirement’ • Performance outstripped inflation, cash, and annuity measures • Despite the noise, private markets allocations remain limited in existing strategies - but many are already targeting allocations well above the policymakers’ ambitions DC default schemes offered strong performance in 2025, providing good returns for members across...