'Surge' in professional corporate sole trustee appointments expected

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sole trustee (PCST) appointments in the next 12 months, research from the Independent Governance Group (IGG) has revealed. <br /> <br /> The survey found that, among the firms who expect to see more growth in PCST appointments, 31 per cent anticipate a ‘significant increase’ in demand during 2025, while the remaining 69 per cent expect a ‘slight increase’" } </script>  <html itemscope itemtype="http://schema.org/Article">  <meta itemprop="name" content="'Surge' in professional corporate sole trustee appointments expected"> <meta itemprop="description" content="The majority of advisory firms expect to see a continuing "surge" in professional corporate sole trustee (PCST) appointments in the next 12 months, research from the Independent Governance Group (IGG) has revealed"> <meta itemprop="image" content="https://www.pensionsage.com/pa/images/graphhomepage.jpg">  <script async src="https://www.googletagmanager.com/gtag/js?id=UA-134331442-1"></script> <script> window.dataLayer = 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trustee appointments expected </h2> </div> <div class="post-meta-elements" style="margin: 10px 0 10px 0; width: 100%; background-color: #f7f7f7; padding: 5px 10px; color: #101010;"> <address class="post-meta-author author"> <i class="fa fa-user"></i>By Sophie Smith</address> <time pubdate datetime="22/11/24" class="post-meta-date"> <i class="fa fa-calendar"></i>22/11/24</time> </div> <div class="entry-main"> <div class="entry-content"> <p>The majority of advisory firms expect to see a continuing "surge" in professional corporate sole trustee (PCST) appointments in the next 12 months, research from the Independent Governance Group (IGG) has revealed. <br /> <br /> The survey, which gathered feedback on the experiences and expectations of 14 major consultancies, found that, among the firms who expect to see more growth in PCST appointments, 31 per cent anticipate a ‘significant increase’ in demand during 2025. <br /> <br /> Meanwhile, the remaining 69 per cent expect a ‘slight increase’.<br /> <br /> IGG trustee director and head of PCST, Annabelle Hardiman, highlighted the findings as demonstration that "we’ve not yet reached the point of ‘peak PCST’ as the pensions landscape continues to evolve".<br /> <br /> "With more schemes striving to reach a positive end game outcome, we expect to see the PCST population growing again next year in response to demand," she continued. <br /> <br /> In particular, the need for more expertise in end-game planning was found to be a key driver for schemes to switch to the PCST model, with recent defined benefit (DB) funding improvements signalling "significant" potential demand for the PCST model in the future.<br /> <br /> In addition to this, respondents suggested that regulatory drivers, such as The Pensions Regulator's (TPR) effective systems of governance (ESOG) requirements, are a key driver of demand for the PCST model. <br /> <br /> The increasing regulatory and compliance burden was also a key factor for scheme sponsors who have already made the switch to a PCST model, beaten only by a desire for more efficient and effective decision-making and complex projects. <br /> <br /> Alongside this, the report suggested that the upswing in PCST appointments has helped to prove the value of the model, with many schemes reporting positive experiences from making the switch.<br /> <br /> Indeed, Hardiman said that the rising number of PCST appointments in recent years has had the knock-on effect of growing awareness of the options available to sponsors at different stages of their journey. <br /> <br /> However, the research found that skill challenges remain an ongoing factor in PCST adoption, with consultancies highlighting various difficulties in finding both member- and employer-nominated trustees, resulting in a limited pool of people with the skills, experience, willingness and ability to join a diverse trustee board.<br /> <br /> “It’s important to remember that appointing a sole trustee isn’t a silver bullet solution for every need," Hardiman said. <br /> <br /> "PCSTs don’t have a monopoly on good governance, innovative thinking and efficient decision making, but in the right conditions and with the right implementation, a sole trustee can be an enabler of all this and more.<br /> <br /> “Pension schemes find themselves caught in the crossfire between operating efficiently, driving down costs and improving member outcomes, while also managing the demands of an increasingly complex regulatory environment. <br /> <br /> "A sole trustee approach can be a vital ingredient to balance that equation and make the difference between these goals being ‘aspirational’ or ‘achievable’.”<br /> <br /> Commenting on the findings, a spokesperson for The Pensions Regulator said: “Trustees must assure themselves and us they deliver the high standards savers deserve, regardless of trusteeship model.<br /> <br /> "Good-quality sole professional trusteeship can bring improvements for pension schemes, but we expect those trustees to be accredited.<br /> <br /> “There are also risks around sole trusteeship that need to be managed, which is<a href="https://www.pensionsage.com/pa/exclusive-TPR-to-extend-profesional-trusteeship-regulatory-approach.php"> why we will meet with 10 of the largest trustee firms before Christmas.”</a></p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text='Surge' in professional corporate sole trustee appointments expected&url=https://pensionsage.com/pa/industry-predicts-surge-in-pcst-appointments-in-2025.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a href="http://www.linkedin.com/shareArticle?url=https://pensionsage.com/pa/industry-predicts-surge-in-pcst-appointments-in-2025.php"> <i class="fa-brands fa-linkedin" style="color:#3371b7;"></i> </a> </div> </div> </div> </div> </article>  <div 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href="/pa/signup-new-mpu-0124" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.pensionsage.com/pa/signuppa.php" target="_blank"><img src="/pa/images/pa_mpu-enews_advert-012024.jpg" border="0" alt="BANNER" title="BANNER"></a></div></p></div> <div class="jswrap4"><div class="jstitle4">Closing the gender pension gap</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/270x170_ScotWidows_PensionGap.jpg" controls="" width="100%"><source src="/pa/jwplayer/ScottishWidows_PA.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Laura Blows discusses the gender pension gap with Scottish Widows head of workplace strategic relationships, Jill Henderson, in our latest Pensions Age video interview</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Endgames and LDI: Lessons to be learnt</div><div 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'Surge' in professional corporate sole trustee appointments expected - Pensions Age Magazine