Sole mates
Pensions & benefits Professional trustee selection DB pensions DC pensionsLCP’s fifth annual survey focussing on growth and changing trends in the Professional Trustee and Professional Corporate Sole Trustee market.
Evolution of the Professional Trustee landscape
Our the fifth annual Sole Trustee survey report focuses on the growth and evolving trends in both the Professional Trustee (PT) and Professional Corporate Sole Trustee (PCST) market over the past year.
Discover insights into the evolving role of Professional Trustees, the continued rise of Sole Trusteeship, and the increasing regulatory and governance pressures shaping the future of the market and this means for schemes.
This year we are pleased to have 18 PT firms participating in our survey – our largest number yet – alongside perspectives from The Pensions Regulator (TPR), the Association of Professional Pension Trustees (APPT), the Association of Member Nominated Trustees (AMNT) and the Department for Work and Pensions (DWP).
Bringing together these insights into our Sole Mates 2025 report, which highlights how trusteeship is entering “A Whole New World” of steady growth, sharper regulation and stronger governance.
Explore the report
Read nowWhat's inside?
- An overview of the evolving PT and Sole Trustee landscape
- A spotlight on Sole Trusteeship and how it is shaping scheme governance
- The different delivery models and services offered by PT firms
- The Regulatory and market pressures influencing the next stage of trusteeship
We are now seeing a maturing market, with the hiring frenzy having slowed and being replaced by a more strategic approach to recruitment. Our report shows a dynamic market that’s responding to regulatory change. As professional trustees take on more schemes and larger mandates, the Regulator’s lens has sharpened — and questions around governance, independence and performance are now front and centre.
Nathalie Sims Partner & Head of Strategic Relationships
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We can help you to find the right Professional Trustee for your scheme
Our expert team has significant experience in this area, and is ready to help you select and appoint the best Professional Trustee or Sole Trustee for your scheme.
Read the previous versions of our report
Your questions answered
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The Professional Trustee market has grown and become more sophisticated over the past five years. However, growth is slowing due to factors such as DB scheme wind-ups and shrinking pool of schemes yet to appoint a professional trustee, marking a turning point in 2025.
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Trustees are under increased scrutiny to ensure transparent decision-making, independence, and that actions are in members’ best interests and TPR has focussed in on professional trustee services in light of this. Governance, performance, and compliance with evolving regulations are now central to trustee operations.
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The survey indicates a dynamic, evolving market. While growth continues, the next phase will see:
- Increased drive towards Sole Trusteeship
- Shifts in hiring and operational models within the firms
- Increasing focus on governance, transparency, and delivering value beyond board appointments.
