The Association of Professional Pension Trustees (APPT) has updated its Code of Practice for Professional Corporate Sole Trustees (PCSTs) to reflect recent market shifts and changes in trustee requirements.

The changes in the code will take effect from 1 January 2026, with this slight delay intended to allow firms to update their processes and procedures, where required

In particular, the updated code is designed to reflect the latest version of the Standards for Professional Trustees of Occupational Schemes, the APPT Change of Professional Pension Trustee Guidance Note, and The Pensions Regulator's (TPR) updated guidance and code.

The APPT previously shared its draft version of the updated code in May for feedback, as well as TPR, with this feedback incorporated into the final version.

The code, which was initially introduced in 2021, applies to all APPT members and sets out guidance that professional trustees acting as corporate sole trustees should implement and maintain to meet the obligations falling on members in relation to PCST appointments.

APPT chair, Rachel Croft, said: “The APPT has since 2019 led the way in setting out the high standards that professional trustees should work to and pioneered the accreditation of members, raising the bar of 'professionalism', and addressing issues of fitness and propriety.

“This update to the sole trusteeship code and an ongoing review of the wider standards and tests for accreditation is a process where we are looking to work positively to further enhance standards with TPR, as part of the current review of the profession, educational providers such as Pensions Management Instittue (PMI) and the industry more widely, including the Department for Work and Pensions who recently announced a consultation on governance for later in the year.”

APPT council member and PCST review lead, Julia Yates, said: “The APPT recognises that the number of pension schemes using PCSTs has increased in recent years.

"It’s our intention to continue to update the code over time as the market continues to evolve and we invite both members and other organisations to submit further suggestions for future revisions.”

Adding to this, PMI chief strategy officer, Helen Forrest Hall, said: “We welcome the APPT’s updated Code of Practice for Professional Corporate Sole Trustees and can confirm the PMI will incorporate this revised code into our accreditation process.

“As an independent professional body, we play a key role in raising standards across the industry through our education programme and by accrediting professional and lay trustees.

"By working closely with industry bodies such as the APPT and all our education partners, we are committed to ensuring that trustees are equipped to deliver better saver outcomes in line with government and regulatory expectations.”

---