The Code – first introduced in 2021 – applies to all APPT’s 450 members and sets out guidance which professional trustee firms acting as a PCST should implement and maintain to meet the obligations falling on members in relation to PCST appointments.
In line with updates to and strengthening of:
• the Standards for Professional Trustees of Occupational Schemes (in particular Schedule 3 which set out additional standards for professional trustees who act as sole trustee),
• the APPT Change of Professional Pension Trustee Guidance Note, and
• TPR’s updated guidance and code(s)
The APPT Council drafted the updated code and shared it with members in May for comment and also with TPR. A range of responses were received, which the Council has considered and factored in accordingly.
Rachel Croft, Chair of the APPT, launching the updated Code commented: “The APPT has since 2019 led the way in setting out the high standards that professional trustees should work to and pioneered the accreditation of members, raising the bar of "professionalism", and addressing issues of fitness and propriety. This update to the sole trusteeship code and an ongoing review of the wider standards and tests for accreditation is a process where we are looking to work positively to further enhance standards with TPR, as part of the current review of the profession, educational providers such as PMI and the industry more widely, including the Department for Work and Pensions who recently announced a consultation on governance for later in the year.”
APPT Council member, Julia Yates. who led the PCST review, added: “The APPT recognises that the number of pension schemes using PCSTs has increased in recent years. It’s our intention to continue to update the Code over time as the market continues to evolve and we invite both members and other organisations to submit further suggestions for future revisions.”
For a copy of the updated APPT PCST Code click HERE.
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