There were 150 new sole trustee appointments in the past year, an increase of 20 per cent for the second consecutive year, according to data from LCP.

Most appointments (90 per cent) were made in smaller schemes with less than £100m assets under management.

According to LCP’s annual survey of professional trustee firms, almost half (46 per cent) of firms cited “increased efficiencies” as a key reason for moving to a sole trustee model.

More than a third (38 per cent) said “succession planning” was key, while “regulatory burden and specialist knowledge” was given as a key reason by 16 per cent of respondents.

The survey and LCP’s upcoming report into the professional and sole trustee market, to be launched in September, come at a time when innovations and regulatory changes are anticipated in the pensions sector.

LCP partner Nathalie Sims said: “There is a general trend of increased regulation and accreditation that is coming to the trustee market as highlighted by the recent call for evidence from the DWP on pension trustee skills, capability and culture.

“The innovations and regulatory changes that this will hopefully deliver should be welcomed. It will enhance the benefits that a professional trustee, a sole trustee model can offer, iron out any creases and further boost good governance and transparency.”

LCP partner and the report’s co-author, Holly McArthur, added: “The incredible growth in the appointment of sole trustees is testament to the many advantages that it brings to schemes, namely professionalism and expertise.”

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