Growth in professional trustee appointments has slowed considerably as the market matures and increasing numbers of defined benefit (DB) pension schemes move through insurance buyout to wind-up, according to WTW.

WTW's annual Professional Trustee Survey 2026 found that while appointments continued to rise, overall growth fell to 3 per cent in 2025, down from 8 per cent in 2024 and 12 per cent in 2023.

The survey revealed that around 2,500 professional trustee appointments are now in place across DB schemes, meaning approximately half of all DB schemes now use at least one professional trustee.

However, WTW said the market is entering a more mature phase, with demand increasingly shaped by settlement activity, risk transfer and scheme endgame planning.

The survey also highlighted the continued rise of the sole trustee model, which remained the fastest-growing segment of the market, with appointments increasing by 7 per cent in 2025.

WTW noted that many schemes are moving away from traditional trustee boards towards sole trusteeship as they approach buy-in or buyout, seeking faster decision-making, reduced reliance on volunteer trustees and more streamlined governance.

The research suggested that the choice of trustee model is increasingly linked to a scheme's endgame strategy, with governance arrangements tailored to support settlement and risk-transfer objectives.

However, the shift also brings new scrutiny, particularly around how firms evidence robust decision making and diversity of thought in the absence of a multi-person trustee board.

WTW found that most firms already have formal oversight panels for sole trustee appointments, with 89 per cent using such panels, while 83 per cent conduct regular internal audits and reviews of decision making, and 78 per cent document evidence of alternative options considered.

Nearly half of firms also plan to add external perspectives on key decisions and rotate trustee teams.

For the first time, the survey included responses from sole traders - individual professional trustees operating outside corporate firms - who collectively oversee more than £60bn of assets.

Meanwhile, the research also found that the five largest professional trustee firms now hold around 67 per cent of scheme appointments and cover 85 per cent of scheme assets.

WTW head of strategic relationships, Hazel Kendrick, said: “The professional trustee market is entering a more mature phase. Growth in appointments remains positive, but it is now being influenced by more schemes reaching their endgame and transitioning to buyout.

“At the same time, we are seeing clear momentum behind the sole trustee model, as schemes prioritise speed and clarity of decision-making. The inclusion in our research of professional trustees who are not part of a firm also underlines how different governance models are meeting different needs.

“The focus for the market now is on demonstrating strong governance, independence and the ability to deliver successful outcomes.”

The survey comes amid increasing regulatory and policy focus on trusteeship and governance.

The Department for Work and Pensions recently consulted on proposals including a higher bar for professional trustees, accreditation, a professional trustee directory, possible limits on appointments, stronger conflict-of-interest rules and measures to strengthen the member voice.

The Pensions Regulator (TPR) has also increased its oversight of larger professional trustee firms and is expected to publish guidance on professional corporate sole trusteeship shortly.

TPR director of trusteeship, administration and defined benefit supervision, David Walmsley, commented: “Our vision is that all schemes are well-run by highly skilled trustees applying effective scheme governance, designed to deliver good outcomes for members.

“To achieve that vision, it is vital that we continually improve our understanding of the professional trustee market, so that we can work with the sector to raise standards of trusteeship and governance in members’ interests.

“That's why we welcome WTW's 2026 survey as a valuable source of insight into the shifts and trends of appointments and priorities.”

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