Growth in professional trustee appointments is slowing as the market matures and increasing numbers of defined benefit (DB) pension schemes have successfully moved through insurance buyout to wind up, according to WTW.
The consultancy's Professional Trustee Survey 2026 showed that while appointments continue to rise, growth has moderated sharply in recent years, falling to 3% in 2025 from 8% in 2024 and 12% in 2023.
It said this reflected a shift in the market where strong funding positions are accelerating endgame strategies and schemes are increasingly transferring liabilities to insurers and therefore exiting trusteeship arrangements altogether.
The analysis said around 2,500 professional trustee appointments were now in place across DB schemes, which means approximately half of all DB schemes now use at least one professional trustee.
But it said that, as schemes reach settlement more quickly, new appointments are increasingly offset by those ending following buyout and wind up.
What's underneath the change in the number of appointments?
Source: WTW Professional Trustee Survey 2026
Sole trustee model reshapes governance
The survey also showed the shift towards sole trusteeship continues to gather pace, emerging as the fastest-growing segment of the market, with 7% growth.
It said many schemes are moving away from traditional trustee boards to a sole trustee model as they approach buy-in or buyout, seeking faster decision-making and more streamlined governance.
The report noted this transition is reshaping how schemes are governed – saying that survey findings show the choice of trustee model is now closely linked to a scheme's endgame strategy, with governance increasingly tailored to support settlement and risk transfer.
However, it said the shift also brings new challenges – noting professional trustee firms must demonstrate how they achieve robust decision-making and diversity of thought without a multi-person trustee board.
It said most already have formalised oversight panels (89%), internal audit of decision making (83%) and documented evidence of the options considered (78%). Nearly half of firms (44%) also plan to add external perspectives on key decisions and to rotate trustee teams.
Sole traders
For the first time, the survey also included responses from sole traders — individual professional trustees operating outside corporate firms. These practitioners oversee substantial scheme assets and represent a distinct and evolving part of the market.
Sole traders are typically appointed for their specific expertise and governance capabilities, often working on larger or more complex schemes. Compared with professional trustee firms, they tend to hold fewer scheme appointments and place greater emphasis on individual experience and independence.
Their continued presence as an alternative model highlights a more diverse trusteeship ecosystem, with sponsors and schemes increasingly weighing different models – from large firms to individual practitioners – depending on their strategic needs.
A more mature phase
WTW head of strategy relationships Hazel Kendrick said: "The professional trustee market is entering a more mature phase. Growth in appointments remains positive, but it is now being influenced by more schemes reaching their endgame and transitioning to buyout.
"At the same time, we are seeing clear momentum behind the sole trustee model, as schemes prioritise speed and clarity of decision-making. The inclusion in our research of professional trustees who are not part of a firm also underlines how different governance models are meeting different needs.
"The focus for the market now is on demonstrating strong governance, independence and the ability to deliver successful outcomes."
Regulatory oversight
The survey comes as regulatory scrutiny of the professional trustee sector is also growing.
The Pensions Regulator (TPR) has increased its oversight of larger firms and is expected to release guidance around best practice for professional corporate sole trusteeship shortly.
At the same time, the Department for Work and Pensions' recent consultation on trusteeship and governance is looking at setting a higher bar for professional trustees in areas such as those around independence, potential conflicts of interest and maintaining the member's voice.
TPR director of trusteeship, administration and DB supervision David Walmsley said: "Our vision is that all schemes are well-run by highly skilled trustees applying effective scheme governance, designed to deliver good outcomes for members.
"To achieve that vision, it is vital that we continually improve our understanding of the professional trustee market, so that we can work with the sector to raise standards of trusteeship and governance in members' interests. That's why we welcome WTW's 2026 survey as a valuable source of insight into the shifts and trends of appointments and priorities."
