Sam Mullock, Partner at First Actuarial, says: “Like every adviser, we increasingly work with IPTs. Their experience is both broad and deep. Most have spent years working on a range of schemes, and this equips them to handle the complexity of today’s landscape. We’re keen to understand their experiences of working with advisers such as First Actuarial and what they need from us.”
Survey respondents pinpointed the following areas where they are most likely to seek support in future:
Risk transfer
Scheme run-on
The new funding code and the general code
Data and administration quality.
Sam says: “We see from the survey that IPTs are looking for advisers to help them navigate risk transfers. 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.
“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 pressures confronting trustee boards are reflected in findings around IPTs’ preferred support channels. 62% of IPTs prefer to engage with advisers through live online training sessions and webinars. It seems that live webinars give IPTs live interaction with advisers that they can squeeze into their working day, unlike a full in-person event.
The survey also revealed the qualities that surveyed IPTs valued most in advisers:
Openness, honesty and trust
Genuine collaboration
Dependability and consistent follow-through
Clear and concise advice with “no surprises between meetings”
Strong communication and a proactive approach.
Sam concludes: “IPTs play an important role in the pensions world. Whereas a member-nominated trustee may only work with one or two actuaries or administration teams in their career, an IPT may be working with up to 10 at a time. They know what a good adviser looks like and what reasonable costs are. It turns out that IPTs rate First Actuarial’s services highly. 96% of survey respondents rated their overall experience of working with us as at least 7 out of 10. This survey will help us meet their ongoing expectations.”
First Actuarial | Independent Professional Trustee Survey 2026
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