Independent professional trustees (IPTs) are most likely to need future support on risk transfer, scheme run-on, regulatory change, and data and administration quality, research from First Actuarial has found.

The firm’s first survey of IPTs, which questioned 65 trustees from 12 IPT firms, showed that trustees expect to need particular support with risk transfer exercises, scheme run-on, the new funding code and general code, and data and administration quality.

Other areas identified by respondents included pensions dashboards, increased regulation and proportionate consultation, and administrative capacity for business-as-usual and projects.

First Actuarial partner, Sam Mullock, said the findings showed that IPTs are seeking advisers to help them navigate risk transfers, particularly as insurers' appetite for smaller schemes has improved.

“The market has recently opened up to smaller schemes following a period in which few insurers provided quotations, a development that is particularly noticeable to First Actuarial as we specialise in transactions below £150m," Mullock continued.

“Another finding that stands out is data - administration is finally having a moment.

“Some schemes are struggling to manage business as usual while addressing member data quality, procuring suitable systems and recruiting administrators with relevant experience.”

The survey also found that value for money was the most common factor IPTs consider when selecting advisers, cited by 75 per cent of respondents.

This was followed by collaborative working style, cited by 51 per cent, personal relationships and trust, at 46 per cent, and technical expertise, at 40 per cent.

Responsiveness was cited by 29 per cent of respondents, while 20 per cent highlighted track record of delivery and 14 per cent pointed to clear communication.

Notably, none of the IPTs surveyed cited use of technology as a key factor when selecting advisers, although around one-third of respondents had used First Actuarial’s digital tools.

Meanwhile, the research highlighted pressure on trustee boards, with 62 per cent of IPTs preferring to engage with advisers through live online training sessions and webinars.

In-person training was cited by 49 per cent of respondents, while 40 per cent preferred written guides and factsheets, and 37 per cent favoured short videos and explainers.

First Actuarial said this suggested that live webinars provide IPTs with direct interaction with advisers while fitting more easily into their working day than full in-person events.

The survey also identified the qualities that IPTs value most in professional advisers, including openness, honesty, and trust; genuine collaboration; dependability and consistent follow-through; clear and concise advice; and proactive communication.

In addition, it confirmed that all respondents currently work on defined benefit schemes with First Actuarial, while 16 per cent work on defined contribution (DC) schemes and 4 per cent work on hybrid schemes.

Almost all respondents (95 per cent) said they actively manage between one and three schemes in partnership with First Actuarial.

The most commonly used First Actuarial services among respondents were actuarial advice (78 per cent), scheme administration (76 per cent), and investment consulting (73 per cent).

Project work, including risk transfer and GMP equalisation, was cited by 53 per cent of respondents, while 44 per cent used governance or secretarial support, 24 per cent used member communications and 7 per cent used DC services.

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