Professional Trustee Survey 2026

This is WTW's third Professional Trustee Survey, drawing on responses from 19 firms across the market. It is also the first survey of its kind to include the views of professional trustees who operate outside firms ("sole traders"), overseeing >£60bn of scheme assets, giving a broader view of how the market is changing.

Growth of the UK Professional Trustee market is moderating

The UK Professional Trustee market is still growing, but more slowly. Appointments rose by 3% in 2025, down from 8% in 2024 and 12% in 2023, suggesting a shift from rapid expansion to steadier growth.

Professional Trustees bring specialist experience, judgement and risk management expertise. Their presence in defined benefit (DB) schemes is now substantial, with around 2,500 appointments, covering roughly half of UK DB schemes.

Funding and endgame reshape demand

Stronger funding positions are pushing more schemes towards buyout and settlement, increasing demand for Professional Trustees and Sole Trustee models. At the same time, successful endgame delivery reduces the pool of ongoing DB schemes as appointments conclude on wind-up. Endgame is therefore supporting demand now, while potentially shortening appointment lifespans over time.

Sole Trustee fastest growing

The Professional Corporate Sole Trustee model remains the fastest-growing part of the market, up 7% in 2025 and now accounting for just under half of professional appointments. Its growth is closely linked to settlement activity, making transaction readiness, stakeholder coordination and disciplined delivery key differentiators for providers.

Firms are broadening services

As growth moderates, firms are expanding into adjacent services, with some offering scheme secretarial, pension manager, project management, risk management function, covenant, investment oversight and DB endgame services. This creates opportunity but also increases the need for clear independence and conflict management.

Independence under scrutiny

The five largest firms now hold appointments that cover 85% of scheme assets managed by a Professional Trustee, although smaller and medium-sized firms, including newer entrants, remain an important part of the market. This concentration has drawn closer attention from the Pensions Regulator.

Regulatory focus is increasingly on governance standards and potential conflicts, particularly as firms broaden into non-traditional services. Similar themes were reflected in the Department for Work and Pensions consultation earlier this year.

Firms are responding with formal conflict policies, training and compliance processes, peer review and whistleblowing channels. Larger and more diversified firms are also using governance committees and decision frameworks to support objective, scheme-specific decisions.

For Sole Trustee arrangements, the challenge is sharper: schemes need confidence that decisions remain robust, diverse views are considered and the member voice is heard. Common safeguards include oversight panels, periodic audits, documented options analysis, external perspectives and trustee team rotation.

Infrequent reviews of appointments

Formal reviews remain relatively uncommon. Only four in 10 firms reported that appointments are typically reviewed every four to seven years, with most reviewed less often. As expectations rise, more regular and structured reviews may become a stronger feature of the market.

AI is going mainstream

AI is moving into the mainstream. Eight in 10 firms are starting to adopt it, while one in 10 have already done so firmly. Around a third see AI skills as a key business priority, with value expected to be greatest where it can improve operational efficiency.

Sole traders: A distinct proposition

Sole traders remain an important part of the market, often supporting larger or more complex schemes. They point to independence, cost and specialist expertise as key strengths, while recognising that firms can offer broader resource, support and diversity of perspective.

Appointing a Professional Trustee

As expectations rise, trustee model selection is increasingly an active governance decision, not a legacy choice. Schemes and sponsors will need to show that appointments are carefully considered, regularly reviewed and supported by a robust, independent process.

The Pensions Regulator has said it "expect[s] all new appointments to have followed a robust process".

WTW provides schemes and sponsors with independent support in designing and running trustee selection processes. If you would like to discuss the market or explore an appointment, please contact us.