The 2026 Sole trustee landscape report reveals that growth of sole trustee appointments has more than halved on average over the last three years, relative to the previous three years. In the last year, appointments grew by 5% among firms surveyed, compared to 13% in the year before. While significant growth was common in past years, the paper shows the market is now expanding much more slowly, as professional trusteeship becomes more widespread and consolidation reduces the number of schemes available for new appointments.
Looking at factors that are impacting sole trustee growth, the report from the leading pensions and financial services consultancy also highlights that smaller schemes remain an important source of demand. It shows there has been a 5% increase in the market share of appointments for schemes with fewer than 100 members, up from 40% in 2025. It’s expected that growth will continue to be driven by this group, as these schemes make up the lion’s share of the market. The report also highlights that member nominated trustees retiring will be a factor that continues to contribute to growth in sole trusteeship for smaller schemes. Looking at drivers for larger schemes, the analysis revealed a developing trend for running on by these schemes that may extend the growth of sole trustee appointments.
Commenting on the current state of the sole trustee market and what the future holds, Shani McKenzie, Head of Sole Trustee Services, Hymans Robertson, says: “The sole trustee market is still growing, but the change in pace of growth over the last few years points to a market that is evolving. We’ll continue to see conversion of board appointments to sole trusteeship as well as new appointments, but professional trustees are now present in more than half of DB and hybrid schemes. This, alongside the consolidation of schemes, means we’re unlikely to see the strong growth rates that we observed historically.
“That does not mean demand has disappeared. There remains significant scope for growth among the 80% of smaller DB and hybrid schemes with less than £100m in assets or fewer than 1,000 members. There’s good scope for growth in larger schemes too, although these arrangements often have more choice of governance options available to them. In addition, the emergence of run-on as a more widely considered option, should prove to be an important factor for offsetting consolidation.
“Consolidation and the expanding endgame landscape are providing new opportunities for professional trustees. Our survey shows that sole trustee appointments are currently the most common role of a professional trustee. However, new roles in other areas and emerging consolidators of multiple schemes will require new measures of growth and market share.
“All this means that the future growth in professional and sole trusteeship is likely to be more nuanced than the rapid expansion that we’ve seen historically. The most successful firms in this environment will be the ones that have diverse resource, strong governance and are flexible to work with a range of scheme sizes and a wider range of endgame journeys.”
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