Consultancy found half of UK pension schemes have a professional trustee
Sole Mates survey finds over 150 sole trustee appointments were made in the last year
Differences of opinion on whether sole trusteeship has been positive for industry
Keeping up to date with tech is the biggest challenge for two in three sole trustees
Three industry veterans have formally launched a dedicated Professional Corporate Sole Trustee (PCST) firm in a bid to capitalise on growing demand in the area.
Escalating standards for sole trustees will become a norm for reputable firms, even if they are voluntary, says Nigel Hill.
Sole trustees will be expected to assess whether to report to The Pensions Regulator (TPR) if they are removed, or resign, from an appointment because of sponsor’s actions.
Sole trustee appointments are featuring more often in tender proposals as schemes seek nimbleness and expertise. James Phillips looks at a Kempen white paper on the burgeoning market.
The number of defined benefit (DB) schemes employing a sole trustee model is expected to double over the next five years, according to an Aon poll of the sector.
The concept of sole trusteeship must overcome a number of challenges, especially as the model becomes more widespread, argues Paul McGlone