The survey found that while 95% of respondents are aware of the CST role, just 43% claim to have full knowledge of its function - highlighting a significant gap between awareness and understanding. A further 53% admitted to having limited understanding, and 3% said they don’t know what a CST does. Only 1% had never heard of the role at all.
CSTs are increasingly being recognised for their ability to enhance pension scheme governance and operational efficiency. When asked about the potential benefits of adopting a CST, respondents identified several key advantages, with 42% of finance leaders citing improved cost efficiency as a reason for appointing a CST. More than a third (37%) also believe a CST would help improve risk management, while 35% see their value in enhancing governance processes.
This is followed by:
• 30% said a CST could accelerate operational procedures
• 27% noted its use in succession planning
• 20% believed a CST could support endgame strategy
• 2% did not see any advantage in using a CST
Despite the clearer awareness, the research underlines that many more companies would benefit from considering a CST.
Scott Pinder, Head of Corporate Sole Trustee at LawDeb, added: “Corporate sole trusteeship is becoming an increasingly popular solution for schemes looking to streamline governance and ensure scheme management is as efficient as possible. However, our research shows that while CSTs are no longer an unknown entity, there is a clear opportunity to bridge the knowledge gap and help organisations fully understand the strategic value they can offer. CSTs can sit across a number of schemes; and while each one has unique elements, bringing in a CST’s experience in proven best practice can help businesses reach faster decisions, navigate challenges and quickly access expertise. As companies face increasing pressures around cost, compliance, and strategic planning, the role of CSTs could become pivotal in driving long-term successful outcomes and resilience in pension scheme management. ”
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