Pooled-employer-plans are becoming a strategic priority as firms seek organic growth and stronger distribution partnerships
July 7, 2026, BOSTON—Recordkeepers are increasingly committed to pooled employer plans (PEPs), viewing them as a meaningful source of organic growth and an opportunity to strengthen relationships with distribution partners, according to the latest Cerulli Edge—U.S. Retirement Edition.
PEPs are prompting a shift in the structure of the defined contribution (DC) industry. Cerulli finds 60% of recordkeepers already recordkeep PEPs, with more planning to do so in the next 12 months. As adoption builds, 71% of recordkeepers say PEPs are a moderate or major strategic priority, and 64% expect them to have a positive impact on their business in the coming year.
Several industry executives tell Cerulli that recordkeepers expect 20% to 40% of their new business growth in 2026 to come from PEPs, and that in a few years, most new business could come through PEPs.
The Distribution Opportunity
The distribution opportunity is central to PEP growth, with intermediaries playing a critical role in bringing these solutions to market. In forming their own PEPs, intermediaries see an opportunity to strengthen their relationships with plan sponsors and participants. Consultants and retirement aggregators combined account for 40% of PEP assets as of year-end 2024. With many large advisor and consultant firms having already partnered with recordkeepers to launch a PEP, there are fewer large opportunities for recordkeepers just entering the market.
As the growth opportunity becomes clearer, new competitive dynamics are emerging for recordkeepers. “Concerns about retaining existing business and missed opportunities for distribution partnerships are beginning to emerge for those that do not recordkeep PEPs or offer one of their own,” says Chris Bailey, director. “Given that new products and concepts can take years to gain traction with plan sponsors, it is understandable that some firms have opted to take a wait-and-see approach. However, recordkeepers are starting to find themselves losing plan sponsors to PEPs that are offered by distribution partners and recordkept by competitors,” he adds.
Looking ahead, Cerulli expects the PEP market to grow and evolve as more advisors and consultants offer PEPs, recordkeepers develop their capabilities, and larger plan sponsors consider adopting them.
