Almost half (49%) of the respondents to a Professional Pensions poll disagree that the trend toward sole corporate trusteeship is positive.
PP's latest Pensions Buzz poll - which questions scheme trustees, scheme managers, actuaries, and investment managers among other industry professionals - asked respondents to consider this after both Aon and Kempen found increasing popularity of the model.
Aon found that the number of defined benefit schemes employing the model is expected to double by 2025 despite just 13% of schemes using a sole trustee model currently. Meanwhile, one trustee firm told Kempen that half of requests for proposals now included sole trusteeships.
Less than a quarter (24%) of Buzz respondents agreed this was a positive trend, however. Many argued the model was useful for smaller schemes, while another added: "From the view of an adviser, sole trustees typically make decisions more quickly without the need to do lots of detailed training on any technical areas first."
A pundit who disagreed questioned the ability of the model to be diverse, while another said schemes deserved "a better combination of different skills and motivation".
A code of practice on sole trusteeship is currently being developed by the Association of Professional Pension Trustees and is expected to be published within months. This comes after The Pensions Regulator raised concerns over the sole trusteeship model which it developed into its own consultation on the future of trusteeship and governance released last year.
One Buzz respondent agreed: "There needs to be checks and challenge to force accountability." Meanwhile another argued that it is "better to have a group with different views and levels of expertise".
A third, however, said: "While having some merits, one solution does not fit all, and there should be no shoehorning to fashion."
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