Professional trustees are now present in more than half of defined benefit (DB) and hybrid pension schemes for the first time, although growth in sole trustee appointments has slowed significantly, research from Hymans Robertson has revealed.

Its 2026 Sole Trustee Landscape Report showed that professional trustee appointments increased by 4 per cent over the past year, while sole trustee appointments grew by 5 per cent among firms surveyed, compared with 13 per cent in the previous year.

Hymans Robertson said average growth in sole trustee appointments during the past three years had more than halved compared with the preceding three-year period, reflecting increasing market saturation and continued consolidation among DB schemes.

The report was based on data collected from 20 professional trustee firms, which Hymans Robertson said represented around 95 per cent of all professional trustee firm appointments.

The proportion of DB and hybrid schemes using a professional firm as sole trustee increased from 19 per cent to 21 per cent during the year, representing 1,002 schemes.

A further 97 schemes had a professional sole trustee appointed by either The Pensions Regulator (TPR) or the Pension Protection Fund (PPF), meaning almost a quarter of DB and hybrid schemes were governed by a professional sole trustee.

Across professional trustee appointments more broadly, 14 per cent were acting as chair of trustees, 12 per cent were co-trustee appointments and 2 per cent involved another professional trustee firm. Around 49 per cent of schemes had no professional trustee.

Hymans Robertson noted that consolidation had reduced the number of schemes available for new appointments, historically through insurance transactions and increasingly through emerging superfund options.

However, it suggested that the growing number of schemes considering running on could support demand for professional trustees and potentially extend the duration of existing appointments.

Indeed, of the firms surveyed, 15 provided estimates of the number of schemes under their governance that were considering run-on.

Several of the larger firms, which had around 15 per cent of their sole trustee appointments among schemes with assets exceeding £100m, reported that at least 10 of their schemes were looking to run on.

Smaller professional trustee firms had a lower proportion of appointments among schemes of this size, at around 5 per cent, but still expected some of their clients to pursue run-on strategies.

Meanwhile, the report identified smaller schemes as the most likely source of future market growth.

Almost 44 per cent of sole trustee appointments covered schemes with fewer than 100 members, up from 40 per cent last year, while a further 34 per cent related to schemes with between 100 and 500 members.

Schemes with between 500 and 1,000 members accounted for 10 per cent of sole trustee appointments, while 9 per cent covered those with between 1,000 and 5,000 members.

Just 3 per cent related to schemes with more than 5,000 members.

Hymans Robertson noted that around 80 per cent of all DB and hybrid schemes had assets of £100m or less or fewer than 1,000 members, meaning adoption among smaller schemes would be a key driver of future growth.

However, the consultancy also expected opportunities to continue at the larger end of the market, noting that three firms had increased the number of appointments held with schemes worth more than £1bn during the year.

Hymans Robertson partner, Ryan Markham, said the value of firms with broad internal expertise was becoming clearer as regulation increased and the market continued to innovate.

“Access to specialists in areas such as governance, investment and endgame options can support more efficient decision-making and stronger collaboration with advisers and sponsors," he continued.

“As more schemes focus on their endgame strategies, I expect competition for appointments to increase, creating real opportunities for firms with the right independent expertise.”

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