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Sole Trusteeship

Sole Trusteeship

There is a growing trend for trustee boards to move to a sole trustee arrangement. In fact, recent surveys have revealed that nearly half of all schemes that employ a professional Trustee have that Trustee company acting as a Sole Trustee.

A traditional trustee board is a collection of individuals who together act as a trustee board. They will be nominated by the members or employer or be a person or company completely independent of the sponsoring employer who sit alongside the other individuals.

A sole trustee appointment is a corporate body that acts as the Trustee of the scheme. We abide by the Association of Professional Pension Trustees (APPT) code for Sole Trustee appointments. Trustee Standards.

The APPT code of practice for Professional Corporate Sole Trustees (PCSTs), came into force on 1 January 2021, and sets out a range of governance and risk controls that sole trustee firms must adhere to, in order to ensure that scheme members’ interests are properly protected.

These include a requirement for at least two accredited professional trustees to be involved in PCST decision-making processes, as well as new measures to ensure that PCSTs assess whether they should report to The Pensions Regulator if they are removed, or resign, from an appointment as a result of the sponsor company’s actions.

The code also sets out how accredited professional trustees should ensure that their firms adopt robust governance protocols to manage potential conflicts of interest for PCST appointments and maintain independence from the sponsoring employer.

Firms will also be asked to maintain due diligence procedures around PCST appointments, as well as putting in place measures to document how adviser appointments are made fairly and ensure that consideration is given to ensuring diversity and inclusion in decision-making processes.


29th October 2024

Harry and Sally discuss the role of Corporate Sole Trustees in the UK pensions market.


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