About
This site represents the deepest publicly available benchmarking of the performance, asset allocation and structure of DC workplace pension defaults. It covers providers managing in excess of 95% of multi-employer defined contribution pensions, including master trusts and FCA-regulated group pension providers, by assets and members.
The transparency that CAPAdata provides supports the delivery of value-for-money pensions for the millions of UK workers bearing the investment risk of their retirement savings.
CAPAdata includes the Corporate Adviser Pensions Average (CAPA), which is the average (mean) return of default funds of the UK's biggest DC workplace pension providers. Some providers have more than one default fund. CAPA constituent funds are providers' biggest default funds by number of active members.
Why CAPAdata Matters
CAPAdata delivers cutting-edge data, insights and AI-driven tools to support workplace pension professionals. It gives advisers, trustees, consultants, employers, providers, asset managers and members easy access to the independent information and intuitive insights needed to deliver better member outcomes.
CAPAdata has influenced the thinking of the FCA and TPR in the development of the Value for Money Framework, which has adopted several of its metrics, and is cited as a key independent data source in several government consultation papers.
Who We Are
CAPAdata is led by CEO Sam Seaton, who has a long history of managing fintech companies, including Moneyhub and eValue. She is a member of the government-led Pension Dashboard Advisory Group (PDAG) and is passionate about making pensions work for people.
CAPAdata is underpinned by data gathered by Corporate Adviser editor-in-chief John Greenwood. John has been analysing workplace pension data for over 20 years. His research is shared with HM Treasury, the Department for Work and Pensions, Bank of England, FCA and The Pensions Regulator, and has inspired regulatory reform. His work on DC pensions is also widely covered in the national press.
More Information
Default Funds
The data on this site reflects the performance and strategy of the most widely used funds in workplace pensions. Each provider has submitted the data of the biggest workplace pension funds they offer. More than 90% of workers invest in the default fund offered by their employer.
Charges
The performance section of the report focuses on gross returns, i.e., before charges have been deducted, because charges levied can differ for different individuals. Most pension schemes have a single charge expressed as a simple percentage of the fund value. However, some schemes have a combination of a contribution charge (a one-off charge on contributions) and an annual management charge, or a fixed monthly administration charge and an annual management charge. Individual schemes’ charges are detailed on the provider tables.
The CAPA should be read in conjunction with the variety of other performance metrics available to professionals analysing default funds. However, it may help identify outlier strategies and will serve to flag issues where schemes fall significantly behind their peers.
Contact
For all enquiries, including sales and support, please contact info@capadata.co.uk
Media
For media enquiries, contact media@capadata.co.uk
Press Releases
Date: 5th June 2025
CAPAdata launches new site and appoints fintech pioneer Sam Seaton as CEO
New site gives unique visibility of DC pension investment returns, ESG credentials, provider functionality and engagement metrics
Get Involved
The CAPA has been created following lengthy discussions with industry experts. However, we want our analysis to be truly reflective of industry best thinking. If you have views on how we can improve the monitoring of master trusts and other defaults, or if you operate a default fund you would like included within the research, please contact us at info@capadata.co.uk
CAPAdata is owned by CAPA-data Limited
Company number 16247758
167–169 Great Portland Street, 5th Floor, London, England, W1W 5PF