Frjálsi was selected as joint winner in this category for its impressive offering within the tight constraints imposed by the Icelandic pension system – constraints considered prudent given the scale of the country’s economy and currency. The fund has shown notable innovation in creating a pension model that blends collective defined contribution (CDC) and DC features while maintaining a clear focus on member outcomes. Its commitment to member support, combined with effective digitalisation and strong investment design, marks it out as an outstanding example of how a smaller market can still achieve excellence. Frjálsi’s model demonstrates resilience, adaptability, and thoughtful governance, making it a worthy joint winner.

Judges chose CDC as joint winner because of a well-designed structure offering members of this UK master trust meaningful choice and coherent progression through a carefully managed series of investment options. The investment framework is notably member-centred and the fund has been supported by impressive market-share growth. Judges were particularly impressed by the fund’s strong work around transition, with governance, digital tools, and member education all regarded as exemplary within the UK context. By introducing a managed income-for-life option, TPT empowers members with its sustainable, inflation-linked pension drawdown option, avoiding the need for complexity or costly advice. A next-generation portal, personalised communications, and robust governance ensure clarity, engagement, and confidence. Early adoption and strong satisfaction set a good benchmark within the UK DC framework.