Riddaway: The service offers a 'third way' for schemes that do not wish to adopt a full corporate sole trustee model.
HS Trustees has launched a service offering an alternative to corporate sole trustee models for small- and medium-sized pension schemes.
The professional trustee firm said the service – Trustee Board+ – has been developed in response to growing demand from regional actuaries and legal advisers for a more flexible approach to professional trusteeship, one that enhances governance without removing control from existing trustee boards.
HS Trustees managing director Bobby Riddaway said: "Many small schemes are already well governed and simply need additional experience and expertise at trustee level without giving up control. In many cases, these schemes benefit from strong chairs with a long history with both the scheme and the employer. Trustee Board+ is designed to complement these boards, not replace them."
HS Trustees estimates that around 2,500 UK schemes currently operate without a professional trustee – many of which are based outside London, including in Manchester, Leeds, Birmingham and Bristol.
It said Trustee Board+ is designed specifically for these schemes, providing access to experienced professional trustees operating under a fiduciary duty, while allowing existing boards to retain their governance structure.
Key features of the service include the integration of experienced trustees into existing boards; fixed fee pricing; a low-cost delivery model; and enhanced governance without loss of control.
Riddaway said the service offers a "third way" for schemes that do not wish to adopt a full corporate sole trustee model but recognise the need for additional expertise.
He explained: "For many schemes, the choice has been binary – either continue as is or appoint a corporate sole trustee. Trustee Board+ offers a practical alternative: strengthening governance while preserving continuity and control."
