2025 PIMCO US Defined Contribution Consulting Study

Overview

In its 19th year, the PIMCO US Defined Contribution Consulting Study seeks to help consultants, advisors and plan sponsors understand the breadth of views and consulting services available within the defined contribution (DC) marketplace.

Defined Contribution Strategies

Our 2025 study captures data, trends and opinions from 35 Consulting and Advisory firms.*

These firms serve over 27,000 clients across Corporate, Public, and Non-Profit plan types.

Participating firms represent aggregate DC Assets in excess of $8.85 trillion.**

^*All responses were collected from January 14, 2025 through March 10, 2025.

^**35 firms participated in this annual study. Of this population, 3 firms were unable to provide AUA/AUM figures, while 32 firms provided AUA/AUM figures. Total AUA/AUM is reflective of the figures reported by the participating firms.

“Aggregators” refer to independent DC focused Advisors with shared resources.

Key Themes

Target Date Funds

Nearly two-thirds of institutional consultants and 80 percent of aggregators say they expect plan sponsors to increase their implementation of blend target date funds, retirement asset allocation vehicles that blend active and passive management approaches, alongside a focus on leveraging participant demographics to enhance personalization.

Target Date Solutions

Expected Sponsor Implementation of Target Date Series Options

Retirement Income

Most Public DC Plan clients still offer an open DB Plan. In contrast, Corporate DC Plans are more likely to have closed or frozen their DB Plans. While fewer Non-Profit DC Plans have open DB Plans compared to Public Plans, a majority still do — driving both sectors to focus on non-guaranteed income solutions.

Impact of Defined Benefit plan status on Retirement Income

Private Markets

Consultants are showing growing interest in incorporating private market assets into Asset Allocation and QDIA options. They anticipate rising plan sponsor interest and adoption, with private credit emerging as the leading option.

Alternative Investments

Private Market Adoption in Asset Allocation Offerings

2025 PIMCO US Defined Contribution Consulting Study

Download PIMCO’s DC Consulting Study key findings report for the latest trends and supporting data.

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Disclosures

This material contains opinions of survey respondents as of the date noted and not necessarily those of PIMCO. Such opinions are subject to change without notice and may not have been updated to reflect real time market developments. The results have been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product.

All investments contain risk and may lose value. Investors should consult their investment professional prior to making an investment decision.

Alternatives involve a high degree of risk and prospective investors are advised that these strategies are appropriate only for persons of adequate financial means who have no need for liquidity with respect to their investment and who can bear the economic risk, including the possible complete loss, of their investment. Private credit involves an investment in non-publicly traded securities which are subject to illiquidity risk. Portfolios that invest in private credit may be leveraged and may engage in speculative investment practices that increase the risk of investment loss.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2025, PIMCO.

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