SlideShare a Scribd company logo
April 2024
isio.com
Isio’s 2024 Professional
Independent Trustee
Survey
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 2
Contents
Executive Summary 3
Part 1: The Market 7
Growth
Corporate Sole Trustee
Future Regulation
Equality, Diversity and Inclusion
Part 2: The Firms Compared 19
Appointments
Roles and Approaches
Services
People
Mid-tier Firms
Choosing a Professional Trustee
Appendix 37
Participants
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 3 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 4
Executive Summary
“There is a rush for
professional trusteeship
and the market is thriving”
10
large firms
320
trustee
directors
2,300+
pension
schemes
£1,100bn
in assets
Now a regular industry fixture, our survey is back for its fourth edition. Professional
trustee firms have had another busyyear – both servicing existing clients with high
levels of activity and managing the continued growth in appointments and teams.
There remain many trustee boards with a mixture of professional and lay trustees
including member-nominated trustees - with perhaps tens of thousands of
individuals involved across the industry. But with the growing burden of pension
regulation and closure of defined benefit schemes, trustee boards are becoming
increasingly professional and turning to commercial trustee firms for support.
Our survey focuses on the ten larger firms with over 50 appointments each.
* Pi and ZEDRA appointments fell slightly over the year primarily due to successful scheme wind-ups.
Appointments

Number of IT appointments - December 2022 
Net increase in IT appointments over 2023
BESTrustees
Capital Cranfield
Dalriada
Entrust
Independent
Governance Group
LawDeb
PAN
Pi
Vidett
ZEDRA
0 50 100 150 200 250 300 350 400 450
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 5 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 6
Across the 10 firms, there has been a 10% increase in the number of Trustee
Directors and a 10% increase in the number of trustee appointments last year.
Continuing high levels of activity on pension schemes, pricing and expansion of
services have contributed to an average reported revenue growth for firms of 16%.
Highlights
“Schemes are spoilt for choice in
the professional trustee market”
16%
Average
revenue
growth
More professional.
Sponsors selecting trustees
have become more thorough,
firms are growing and some
have outside investors.
As a consequence, the
professional trustee sector is
becoming more organised,
structured and professional in
how it operates.
More differentiated.
There is a growing
differentiation in firms as
they emerge with a clearer
vision and direction of travel.
This ranges from firms that
are focused exclusively on
trusteeship to those that offer
bundled models including a
range of governance and
support services.
More competitive.
The market is more competitive
than everwith lots of choice
and different models on offer.
Schemes are better informed
and more discerning in what
theywant from a professional
trustee. Selection processes
are more rigorous and often
involve procurement, making
firms work harder to compete
for their share of the market.
If you need
help selecting a
professional trustee,
please do not hesitate
to contact Isio. We
have extensive
experience in this
field and can provide
valuable guidance.
Need for experience: Firms are often being
asked for Trustee Directors or teams with
experience and specific skills – perhaps in
the industry sector or commonly pensions
administration or risk transfer experience. For
people joining firms as Trustee Directors it can
be challenging to win new appointments, as the
market demands trustee experience – a chicken
and egg situation.
Future regulation: As their influence grows,
greater regulatory scrutiny of firms (and
professional trustees generally) is anticipated,
most likely via the Pensions Regulator. Firms
support a strengthening of standards, provided
regulation is appropriately targeted and
proportionate.
Focused
BESTrustees
Capital Cranfield
PAN
Hybrid
LawDeb
Pi
ZEDRA
Integrated
Dalriada
Entrust
Independent
Governance Group
Vidett
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 7 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 8
The market.
“The trustee market has
moved on; you can’t
dabble in trusteeship”
Part 1
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 9 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 10
Overview
The professional trustee market continues to
grow, and the 10 firms covered by this survey
are accountable for the management of over
2,300 pension schemes, with a combined
asset value exceeding £1.1 trillion. The number
of Trustee Directors has increased from 290 in
2022 to 320, and on average, they oversee 7
appointments each. Typically they have 10 years
of experience as trustees, with new trustees
joining the field faster than the numbers that
retire or leave.
The firms are becoming larger, but the market
remains very competitive, with smaller firms and
sole traders vying for market share alongside
the 10 larger firms.
Management
of over
2,300
pension
schemes
274
Independent
Trustee
appointments
won
127
Independent
Trustee
appointments
ended
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 11 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 12
The professional trustee market continues
to grow and evolve – with regulation and risk
transfer work creating high volumes of activity
for pension schemes. Much of the new client
growth still comes from pension schemes
appointing a professional trustee for the
first time, although replacement of existing
professional trustees is increasing. In addition,
a number of firms are increasing their range
of pension governance services, and in some
cases diversifying beyond the traditional
pension trustee market.
Despite the number of DB schemes falling, the overall market share of the ten firms has increased
from around 31% in 2020 to 39% in 2023.
The trend of sole trusteeship remains on the rise, with sole trustee appointments now accounting for
over 46% of all appointments – compared to 41% in 2020 in our first survey. The influence of firms is
growing, with over three-quarters of their appointments being as sole trustee or chair of the board.
Change in roles taken
Growth
2020 2021 2022 2023
Number of appointments 1,900 2,000 2,100 2,300
Number of Trustee Directors 246 284 290 320
Average revenue growth 17% 21% 14% 16%
Estimated market share of DB schemes 31% 33% 36% 39%
“The process
for appointing
professional
trustees
has become
far more
competitive”
2020 2021 2022 2023
ZEDRA
Vidett
Pi
PAN
LawDeb
Independent
Governance
Group
Entrust
Dalriada
Capital
Cranfield
BESTrustees
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 13 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 14
Corporate Sole Trustee
Number of Corporate Sole Trustee Appointments
More accurately described as a Professional
Corporate Sole Trustee, the firm acts as the only
trustee of the pension scheme. In practice this
means that a number of staff are involved in each
scheme in order to provide debate and challenge.
Sole trusteeship requires different processes and
governance, and some firms have a specialist
centralised team that supports sole trustee clients.
The primary purpose of a Corporate Sole Trustee
is typically to streamline operations, generate
efficiencies and facilitate more rapid decisions
with less reliance on trustee meeting schedules
and need for trustee upskilling.
These appointments have continued to be a key
area of growth in the market, with some firms
reporting that over half of their new opportunities
are for Corporate Sole Trustees. Sponsors and
schemes are also appointing a professional
trustee firm with a view to them becoming
Corporate Sole Trustee in future – trying out the
firm before committing to a sole trustee model.
Sole trustee appointments also continue to grow
in size, with the average scheme size growing
from £63m in 2022 to £68m in 2023.
26 existing trustee
appointments moved to a
Corporate Sole Trustee over
the year
£73bn assets
under the management of
Corporate Sole Trustees
£68m average asset size
by appointment
Largest scheme
is around £4bn
“Sole trustee is
often mis-understood
– it doesn’t mean a
solo trustee”
2020 2021 2022 2023
300
250
200
150
100
50
0
“We would
support more
qualifications
for professional
trustees”
“We’re not afraid of
regulation, we have
nothing to hide”
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 16
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 15
Future
Regulation
Regulation of pension fund trustees is in the
political spotlight with government consulting
on “Pension trustee skills, capability and culture”.
There are plans for the Pensions Regulator to
introduce a trustee register, additional guidance
and potentially compulsory accreditation for
professional trustees.
The professional trustee firms are a significant
part of the trustee landscape so it’s not surprising
that regulation or supervision of these firms
is an area of debate. In particular sole trustee
appointments is an area that the Pensions
Regulator is interested in. Whilst there is a
balance between regulating individual pension
schemes and the professional trustees that
manage them, firms all support rising standards.
But there are a number of different views, with
some inviting further regulation and others
sceptical about the practical benefits. One thing
remains clear, there is no one-size-fits-all, and
the practical challenges of effective regulation
are widely recognised.
“Any further
regulation needs
to be well thought
through and I’m afraid
it might not be!”
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 17 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 18
Equality, diversity and inclusion remains
high on the agenda of the professional
trustee firms and their clients. Clients
sometimes turn to professional trustees to
help meet their diversity aspirations.
Firms themselves are naturally becoming
more diverse as trusteeship is now
regarded as a career in its own right.
Joining a professional trustee company is
no longer primarily a later career option,
and mid-career hires are becoming more
frequent. In some cases, individuals are
entering the market for the first time as
career trustees.
One aspect of diversity is the professional
background of the lead Trustee Directors,
which has remained consistent although
the growth in career trustees is notable.
Trusteeship requires a rounded skill-set
and a specialist knowledge or background
is not essential – or indeed always helpful.
“Some sponsors are very
specific in what they want from
a professional trustee”
Equality, Diversity
and Inclusion
Sponsors and schemes are often particularly
interested in physical diversity characteristics,
such as gender and race. Among Trustee
Directors, the aggregate data is similar to the
previous two years – perhaps not surprising
given that there isn’t significant turnover in
these roles. Statistics may well be different
once supporting staff are taken into account.
Legal 13% Actuary 24%
Pensions manager / consultant 27%
Covenant adviser 4% Business / finance 12%
Investment 13% Career trustee 7%
% Female % Ethnic minority
Female 43% Male 57% Ethnic minority 7% Non ethnic minority 93%
Professional background of Trustee Directors Gender and racial diversity in the market
Gender and racial diversity by firm (anonymous)
60% 50% 40% 30% 20% 10% 0 10% 20%
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 19 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 20
Part 2
The firms
compared.
“No firm is better than the
others, we are just different”
ZEDRA
Vidett
Pi
PAN
LawDeb
Independent
Governance
Group
Entrust
Dalriada
Capital
Cranfield
BESTrustees
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 21 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 22
Appointments
The chart shows the number of pension trustee appointments (excluding MasterTrusts)
held by each firm together with an estimate of the total assets in those pension schemes.
The asset figures are heavily influenced by appointments to the very largest schemes,
and there will be a few duplicates for those large schemes who have multiple professional
trustees. Given significant volatility in pension scheme asset values over recent years,
there are almost certainly inconsistencies between firms and historic data – so the asset
values should be seen as indicative.
The majority of these appointments are to Defined Benefit (or hybrid) schemes, reflecting
the profile of trust-based schemes in the market. But firms also have pure defined
contribution scheme appointments:
The main survey results exclude appointments to MasterTrusts and
Independent Governance Committees (IGCs) – typicallyvery large arrangements
managed by insurers and other pension providers. But this remains an important area
of business for some firms, illustrated below. Many of these have several professional
trustees, so the asset values shown will inevitably include some duplication.
Total Trustee appointments this year vs previous years
Number of appointments - DC MasterTrust  Independent Governance Committees
Approximate % of Trustee appointments that are pure DC schemes
2020 2021 2022 2023
£42bn
£11bn
-
£63bn
£72bn
£2bn
-
£60bn
£89bn
Note: Data not available for Dalriada.
BESTrustees
Capital Cranfield
Entrust
Independent
Governance Group
LawDeb
PAN
Pi
Vidett
ZEDRA
0 2 4 6 8 10 12 14 16 18 20
2022 2023
40%
35%
30%
25%
20%
15%
10%
5%
0%
450
400
350
300
250
200
150
100
50
0
£142bn
ZEDRA
£101bn
Vidett
£4bn
Pi
£22bn
PAN
£315bn
LawDeb
£237bn
Independent
Governance
Group
£2bn
Entrust
£26bn
Dalriada
£167bn
Capital
Cranfield
£150bn
BESTrustees
Total scheme assets
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 23 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 24
Firms can be appointed as Corporate Sole Trustee, as Chair of a trustee board or as
‘co-trustee’ – one of a number of trustees on a board (but not acting as Chair).
Some of the firms have many clients across all three models, whereas others are more
focused in certain areas. For example, PAN Trustees and BESTrustees have more Chair
appointments, and Law Debenture has more co-trustee roles.
For all firms, sole trusteeship remains a crucial element, with seven out of ten currently
having at least 40% of their appointments in the sole trustee category. In particular,
Entrust’s key focus is sole trusteeship, primarily through a consolidator vehicle for
which it serves as the sole trustee. The other firms with the biggest sole trustee
percentages are Dalriada and Pi.
Roles and Approach
BESTrustees
LawDeb
Capital Cranfield
PAN
Dalriada
Pi
Entrust
Vidett
Independent
Governance Group
ZEDRA
Chair Sole Co-Trustee
Roles taken by the firms
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 25 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 26
Firms’ portfolios of trustee appointments are all different, and they have built up correspondingly
varied approaches to service clients. In a very competitive market, firms are increasingly
differentiating their philosophies around trustee governance and the services that they offer.
Most firms have a range of approaches and services depending on the client circumstances, so
inevitably there is some generalisation in describing a firm’s philosophy. But we are seeing distinct
types of firms emerge around their primary or preferred approach to market. The firms’ approaches
predominantly fall into one of these categories, although naturally there are always overlaps.
The table summarises the typical operational methods employed by focused, hybrid,
and integrated firms. It is important to note that governance and extended services can
encompass a broad spectrum of activities that vary depending on the circumstances.
These activities may include acting as scheme secretary, organising documents,
and preparing meeting minutes. And also creating governance documents, ensuring
adherence to regulations, overseeing advisor evaluations, and potentially functioning as a
complete executive support team for the trustee.
Approaches
“The pensions
world has been
dragged away from
non-executive
trusteeship”
“We stay in our
lane of trusteeship”
Focused
These firms focus on a
pure trustee role, with no
potential distractions. This
will often involve one or more
experienced individuals
making decisions at Board
level and working with
executive teams or advisers to
deliver the Scheme’s strategy.
Integrated
The firms who emphasise a
packaged solution to pension
scheme governance. They are
likely to use a broader team
of people, They may involve
internal subject matter experts
to work on specific areas, and
deliver other governance and
project support.
Hybrid
The firms that have a mixed
client base or service offering
that can fit either description.
Often any broader governance
services are provided under
separate arrangements to
an independent trustee
appointment – or even to a
different clients.
Focused Hybrid Integrated
Full chair / co-trustee roles Yes Yes Yes
Scheme secretary Yes Yes Yes
Additional governance services
Typically
outsourced
Yes – but usually
bought separately
Yes – often
packaged
Full sole trustee proposition Yes Yes Yes
Extended services, e.g. projects Occasionally
Yes – but bought
separately
Yes – as
appropriate
Focused
BESTrustees
Capital Cranfield
PAN
Hybrid
LawDeb
Pi
ZEDRA
Integrated
Dalriada
Entrust
Independent
Governance Group
Vidett
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 27 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 28
Services
Sole trusteeship is a significant source of income for the firms, with some having
greater exposure than others.
The following chart shows the proportion of appointments as sole trustee alongside the percentage
of appointments in which the firm serves as scheme secretary. Sole Trustee and secretarial roles are
often combined but not always. Variations among firms are influenced by their individual models, with
for example PAN less inclined to assume the role of scheme secretary, while Entrust incorporates it as
part of their core offering
Some firms offer a broad range of standalone governance services – even where they are not trustee
– whereas others are not active in this market. Where data was available, the number of standalone
appointments by firms has been reported below.
Approximate business mix: % of revenue (anonymous)
Appointments as Scheme Secretary vs Corporate Sole Trustee Note: Pi figures
include Pi Consulting
appointments. The
ZEDRA figures are for
their trustee business,
and exclude ZEDRA
Inside Pensions which
delivers these roles.

Sole trustee clients including all linked governance work Other

% of IT roles where Scheme secretary 
% of IT Appointments - Sole Trustee
Appointments where
not a Trustee
Secretarial
Governance /
executive services
BESTrustees 0 0
Capital Cranfield 1 5
Dalriada 13 10
Entrust 0 0
Independent Governance Group 16 across both
LawDeb 3 1
PAN 0 0
Pi 23 7
Vidett 20 26
ZEDRA 2 2
ZEDRA
Vidett
Pi
PAN
LawDeb
Independent
Governance
Group
Entrust
Capital
Cranfield
BESTrustees
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 30
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 29
Trustee Directors are key personnel at firms - the face of the organisation at trustee
meetings and in sponsor discussions. Firms typically give the lead Trustee Director
significant autonomy and responsibility for their individual schemes.
These Trustee Directors often come from a professional background and many have deep
pensions expertise. Increasingly firms are also developing “home-grown” trustees as it
develops as a career in its own right.
Professional background of Trustee Directors
At some firms all Trustee Directors are salaried employees with potential profit-sharing or
bonus schemes, while others use a revenue-sharing model that ties directors’ earnings to
their individual client appointments. Some use both models.
“Despite getting larger,
it’s still a people business”
People
Legal 
Actuary 
Pensions manager / consultant Covenant adviser
Business / finance Investment Career trustee
Salaried employees
Mixture
Share of revenue
Dalriada
Entrust
Independent
Governance
Group
LawDeb
Vidett
ZEDRA
Pi BESTrustees
Capital
Cranfield
PAN
BESTrustees
Capital Cranfield
Dalriada
Entrust
Independent
Governance Group
LawDeb
PAN
Pi
Vidett
ZEDRA
0 10 20 30 40 50 60 70 80
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 31 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 32
Teams
The number of Trustee Directors continue to grow, and the chart below shows the
expected increase in the number of Trustee Directors over the next year. In addition to
experienced pensions and business professionals, younger professionals are now joining
trustee firms as their next career move.
Differences in delivery models are illustrated
by the data, with some firms having as many
supporting client staff as front-line Trustee
Directors. This often reflects a team approach to
trusteeship or additional governance services,
and many sole trustee appointments operate this
way. In contrast some firms focus primarily on the
Trustee Directors, relying on advisers or pension
manager teams to provide the appropriate
support. Pi and LawDeb both have separate arms
to their businesses which provide standalone
governance support which comes through in
their figures (as do ZEDRA but the figures for
ZEDRA Inside Pensions are not included here).
Expected increase in number of Trustee Directors over the next year

Number of Trustee Directors Other

Number of Firms
Broader teams
The chart shows the number of client-facing staff at each firm split between Trustee
Directors and other team members – noting that most firms will also have functional
support teams in addition. The definition of client facing staff will be different across firms
and some are part of larger organisations, hence it is not easy to compare like-for-like.
Number of total client facing staff
ZEDRA
Vidett
Pi
PAN
LawDeb
Independent
Governance
Group
Entrust
Dalriada
Capital
Cranfield
BESTrustees
180
160
140
120
100
80
60
40
20
0
20%-30% increase
10%-20% increase
0%-10% increase
No change expected
0 1 2 3
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 33 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 34
Mid-Tier firms
In addition to the 10 large firms in our survey we invited a range of other Professional Trustee
firms to provide information about their size and services. Some of these are firms with a long
heritage while others are relatively new and growing quickly. This is not a comprehensive review
of the market, but a summary of the information provided is shown below.
Note: Some of these firms deal with a number of PPF assessment cases and wind-up
appointments made by the Pensions Regulator – so their appointments rise and fall as these
wind-ups or PPF transfers are completed.
Align HS Trustees ndapt Open Trustees ProPensions Trustee Corporation
Ownership
Limited
Company
Limited
Company
Self-owned
Subsidiary of law
firm Osborne
Clarke
Limited Company
Limited company -
shares owned by Squire
Patton Boggs
Year Established 2019 2021 2020 1992 2019 1986
Number of Trustee
Directors
5 4 9 6 3 6
Number of other
staff
0 2 4 6 1 5
Number of IT
appointments
35 3 42 40 34 26
Number of IT appointments
2020 2021 2022 2023
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 36
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 35
Choosing a
Professional Trustee
Having to choose from numerous firms, operating models, and individuals
can make it difficult to determine the best starting point. However, having a
clear thought process can help you make the right decision foryour scheme.
Once your needs have been identified,
the process of finding the right individual
and firm becomes simpler. With well-
defined requirements, firms can present
individuals who meet the criteria. Personal
recommendations and gap analyses that
capture the diversity, skills, and experience of
the trustee board can be helpful in creating
a shortlist. It is advisable to seek multiple
opinions to obtain a comprehensive view of
the market.
“Clients are more
thoughtful about
what they need
from a Professional
Trustee”
If you need help selecting
a Professional Trustee,
please do not hesitate
to contact Isio. We have
extensive experience in
this field and can provide
valuable guidance.
• What will Professional
Trustee help you achieve, is
it to enable faster decisions,
fill a knowledge gap,
improve diversity, reduce
management time or help
deliver a de-risking or buy-
out strategy?
• Do you want a Sole
Trustee, a chair role or
are there specific areas
or sub-committees that
need attention such as
investment, or DC for
example?
• Skills and experience, both
technical and softer skills
• Working style, hands-on and
taking control or strictly non-
executive? Do you want a
firm with depth of resource or
a sole trader?
• Individual style and fit is
crucial but will usually be
tested at the interview stage
Why do
you want a
Professional
Trustee?
What role do
you want them
to fill?
What do you
want from the
individual and/
or firm?
© Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 37 © Isio Group Limited/Isio Services Limited 2024. All rights reserved 					 Document classification: Public 		 38
Firm Website Contact
www.bestrustees.co.uk Ann Rigby
www.capitalcranfield.com Harus Rai
www.dalriadatrustees.co.uk Chris Roberts
www.gateleyplc.com/entrust Stuart Evans
www.weareigg.com Mark Wileman
www.lawdebenture.com Vicky Paramour
www.pantrustees.co.uk Nick Chadha
www.pipartnershipgroup.co.uk Amanda Burden
www.vidett.com
Naomi L’Estrange and
Wayne Phelan
www.zedra.com Kim Nash
Appendix
We’d like to thank all the firms who participated for
their support in making this survey possible.
We collected data for this paper via a combination
of a questionnaire completed by each firm and an
interview with a senior individual, usually the CEO.
Participants
The information contained herein is of a general nature and is not intended to address the
circumstances of any particular individual or entity. Although we endeavour to provide accurate
and timely information, there can be no guarantee that such information is accurate as of the
date it is received or that it will continue to be accurate in the future. No one should act on
such information without appropriate professional advice after a thorough examination of the
particular situation.
Isio Services Limited is authorised and regulated by the Financial Conduct Authority FRN 922376
Contacts
Mike Smedley
Partner
07920 181 110
mike.smedley@isio.com
Harvi Rana FIA
Director
020 8154 5082
harwinder.rana@isio.com
isio.com

More Related Content

Similar to Isios-2024-Professional-Independent-Trustee-Survey.pdf

One of the big 6 audit firms - bdo - rocks - way to go
One of the big   6 audit firms - bdo - rocks - way to goOne of the big   6 audit firms - bdo - rocks - way to go
One of the big 6 audit firms - bdo - rocks - way to go
JAYARAMAN IYER
 
2022 Salary Survey- UK.pdf
2022 Salary Survey- UK.pdf2022 Salary Survey- UK.pdf
2022 Salary Survey- UK.pdf
Amina139658
 
Bwd salary census 2014 2015
Bwd salary census 2014 2015Bwd salary census 2014 2015
Bwd salary census 2014 2015
Alistair Brownlee
 
Bwd salary census 2014 2015
Bwd salary census 2014 2015Bwd salary census 2014 2015
Bwd salary census 2014 2015
Gareth Davies
 
BWD Salary Census 2014-2015
BWD Salary Census 2014-2015BWD Salary Census 2014-2015
BWD Salary Census 2014-2015
Irene Padrón
 
BWD salary census 2014
BWD salary census 2014 BWD salary census 2014
BWD salary census 2014
Alistair Brownlee
 
Bwd salary census 2014 2015
Bwd salary census 2014 2015Bwd salary census 2014 2015
Bwd salary census 2014 2015
Alistair Brownlee
 
SSASCO White Paper (Final)
SSASCO White Paper (Final)SSASCO White Paper (Final)
SSASCO White Paper (Final)
Terry Dunbar
 
Our global capabilities: financial services
Our global capabilities: financial servicesOur global capabilities: financial services
Our global capabilities: financial services
Grant Thornton
 
Regulatory Environment: PwC Top Issues
Regulatory Environment: PwC Top Issues  Regulatory Environment: PwC Top Issues
Regulatory Environment: PwC Top Issues
PwC
 
determinants of corporate dividend policy
determinants of corporate dividend policydeterminants of corporate dividend policy
determinants of corporate dividend policy
Arfan Afzal
 
profitability and financial position of idbi fed..output
 profitability and financial position of idbi fed..output profitability and financial position of idbi fed..output
profitability and financial position of idbi fed..output
Annu Rana
 
Business Responsibility and Sustainability .pdf
Business Responsibility and Sustainability .pdfBusiness Responsibility and Sustainability .pdf
Business Responsibility and Sustainability .pdf
aakash malhotra
 
EQUITY RESEACH ON HOTEL AND AUTO-ANCILLARY
EQUITY RESEACH ON HOTEL AND AUTO-ANCILLARYEQUITY RESEACH ON HOTEL AND AUTO-ANCILLARY
EQUITY RESEACH ON HOTEL AND AUTO-ANCILLARY
Rahul Shelar
 
Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...
Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...
Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...
Mercer Capital
 
2014 Deloitte Life Insurance Outlook
2014 Deloitte Life Insurance Outlook2014 Deloitte Life Insurance Outlook
2014 Deloitte Life Insurance Outlook
Steven Reta
 
2014 Life Insurance and Annuity Industry Outlook Transforming for growth
2014 Life Insurance and Annuity Industry Outlook Transforming for growth2014 Life Insurance and Annuity Industry Outlook Transforming for growth
2014 Life Insurance and Annuity Industry Outlook Transforming for growth
Deloitte United States
 
Our autumn market review for the Management Consultancy sector
Our autumn market review for the Management Consultancy sectorOur autumn market review for the Management Consultancy sector
Our autumn market review for the Management Consultancy sector
Beament Leslie Thomas (BLT)
 
18.11.2013 International business standard on transparency, Jelena Pesic
18.11.2013 International business standard on transparency, Jelena Pesic 18.11.2013 International business standard on transparency, Jelena Pesic
18.11.2013 International business standard on transparency, Jelena Pesic
The Business Council of Mongolia
 
Sutherland_Whitepaper_AB FINAL.PDF
Sutherland_Whitepaper_AB FINAL.PDFSutherland_Whitepaper_AB FINAL.PDF
Sutherland_Whitepaper_AB FINAL.PDF
Edward van Eckert
 

Similar to Isios-2024-Professional-Independent-Trustee-Survey.pdf (20)

One of the big 6 audit firms - bdo - rocks - way to go
One of the big   6 audit firms - bdo - rocks - way to goOne of the big   6 audit firms - bdo - rocks - way to go
One of the big 6 audit firms - bdo - rocks - way to go
 
2022 Salary Survey- UK.pdf
2022 Salary Survey- UK.pdf2022 Salary Survey- UK.pdf
2022 Salary Survey- UK.pdf
 
Bwd salary census 2014 2015
Bwd salary census 2014 2015Bwd salary census 2014 2015
Bwd salary census 2014 2015
 
Bwd salary census 2014 2015
Bwd salary census 2014 2015Bwd salary census 2014 2015
Bwd salary census 2014 2015
 
BWD Salary Census 2014-2015
BWD Salary Census 2014-2015BWD Salary Census 2014-2015
BWD Salary Census 2014-2015
 
BWD salary census 2014
BWD salary census 2014 BWD salary census 2014
BWD salary census 2014
 
Bwd salary census 2014 2015
Bwd salary census 2014 2015Bwd salary census 2014 2015
Bwd salary census 2014 2015
 
SSASCO White Paper (Final)
SSASCO White Paper (Final)SSASCO White Paper (Final)
SSASCO White Paper (Final)
 
Our global capabilities: financial services
Our global capabilities: financial servicesOur global capabilities: financial services
Our global capabilities: financial services
 
Regulatory Environment: PwC Top Issues
Regulatory Environment: PwC Top Issues  Regulatory Environment: PwC Top Issues
Regulatory Environment: PwC Top Issues
 
determinants of corporate dividend policy
determinants of corporate dividend policydeterminants of corporate dividend policy
determinants of corporate dividend policy
 
profitability and financial position of idbi fed..output
 profitability and financial position of idbi fed..output profitability and financial position of idbi fed..output
profitability and financial position of idbi fed..output
 
Business Responsibility and Sustainability .pdf
Business Responsibility and Sustainability .pdfBusiness Responsibility and Sustainability .pdf
Business Responsibility and Sustainability .pdf
 
EQUITY RESEACH ON HOTEL AND AUTO-ANCILLARY
EQUITY RESEACH ON HOTEL AND AUTO-ANCILLARYEQUITY RESEACH ON HOTEL AND AUTO-ANCILLARY
EQUITY RESEACH ON HOTEL AND AUTO-ANCILLARY
 
Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...
Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...
Mercer Capital's Investment Management Industry Newsletter | Q2 2023 | Focus:...
 
2014 Deloitte Life Insurance Outlook
2014 Deloitte Life Insurance Outlook2014 Deloitte Life Insurance Outlook
2014 Deloitte Life Insurance Outlook
 
2014 Life Insurance and Annuity Industry Outlook Transforming for growth
2014 Life Insurance and Annuity Industry Outlook Transforming for growth2014 Life Insurance and Annuity Industry Outlook Transforming for growth
2014 Life Insurance and Annuity Industry Outlook Transforming for growth
 
Our autumn market review for the Management Consultancy sector
Our autumn market review for the Management Consultancy sectorOur autumn market review for the Management Consultancy sector
Our autumn market review for the Management Consultancy sector
 
18.11.2013 International business standard on transparency, Jelena Pesic
18.11.2013 International business standard on transparency, Jelena Pesic 18.11.2013 International business standard on transparency, Jelena Pesic
18.11.2013 International business standard on transparency, Jelena Pesic
 
Sutherland_Whitepaper_AB FINAL.PDF
Sutherland_Whitepaper_AB FINAL.PDFSutherland_Whitepaper_AB FINAL.PDF
Sutherland_Whitepaper_AB FINAL.PDF
 

More from Henry Tapper

Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Henry Tapper
 
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdfTumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Henry Tapper
 
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdfPensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Henry Tapper
 
Global Interconnection Group Joint Venture[960] (1).pdf
Global Interconnection Group Joint Venture[960] (1).pdfGlobal Interconnection Group Joint Venture[960] (1).pdf
Global Interconnection Group Joint Venture[960] (1).pdf
Henry Tapper
 
Pension dashboards forum 1 May 2024 (1).pdf
Pension dashboards forum 1 May 2024 (1).pdfPension dashboards forum 1 May 2024 (1).pdf
Pension dashboards forum 1 May 2024 (1).pdf
Henry Tapper
 
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
Henry Tapper
 
Log your LOA pain with Pension Lab's brilliant campaign
Log your LOA pain with Pension Lab's brilliant campaignLog your LOA pain with Pension Lab's brilliant campaign
Log your LOA pain with Pension Lab's brilliant campaign
Henry Tapper
 
fca-bsps-decision-letter-redacted (1).pdf
fca-bsps-decision-letter-redacted (1).pdffca-bsps-decision-letter-redacted (1).pdf
fca-bsps-decision-letter-redacted (1).pdf
Henry Tapper
 
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
Henry Tapper
 
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdfBPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
Henry Tapper
 
House of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview documentHouse of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview document
Henry Tapper
 
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdfmagnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
Henry Tapper
 
Kempen ' UK DB Endgame Paper Apr 24 final3.pdf
Kempen ' UK DB Endgame Paper Apr 24 final3.pdfKempen ' UK DB Endgame Paper Apr 24 final3.pdf
Kempen ' UK DB Endgame Paper Apr 24 final3.pdf
Henry Tapper
 
2024-04-09 - Pension Playpen roundtable - slides.pptx
2024-04-09 - Pension Playpen roundtable - slides.pptx2024-04-09 - Pension Playpen roundtable - slides.pptx
2024-04-09 - Pension Playpen roundtable - slides.pptx
Henry Tapper
 
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshareAon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Henry Tapper
 
Con Keating's coffee morning presentation.pptx
Con Keating's coffee morning  presentation.pptxCon Keating's coffee morning  presentation.pptx
Con Keating's coffee morning presentation.pptx
Henry Tapper
 
Budget 1974.care of Peter Cameron Brown .
Budget 1974.care of Peter Cameron Brown .Budget 1974.care of Peter Cameron Brown .
Budget 1974.care of Peter Cameron Brown .
Henry Tapper
 
JD ED Strategy Policy and Analysis. TPrpdf
JD ED Strategy Policy and Analysis. TPrpdfJD ED Strategy Policy and Analysis. TPrpdf
JD ED Strategy Policy and Analysis. TPrpdf
Henry Tapper
 
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
Henry Tapper
 
Press release from the BP Pensioner Group on the WPC DB report
Press release from the BP Pensioner Group on the WPC DB reportPress release from the BP Pensioner Group on the WPC DB report
Press release from the BP Pensioner Group on the WPC DB report
Henry Tapper
 

More from Henry Tapper (20)

Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
Pension Playpen - TAS300 v2 maths and governance resets pension strategies (3...
 
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdfTumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
 
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdfPensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
 
Global Interconnection Group Joint Venture[960] (1).pdf
Global Interconnection Group Joint Venture[960] (1).pdfGlobal Interconnection Group Joint Venture[960] (1).pdf
Global Interconnection Group Joint Venture[960] (1).pdf
 
Pension dashboards forum 1 May 2024 (1).pdf
Pension dashboards forum 1 May 2024 (1).pdfPension dashboards forum 1 May 2024 (1).pdf
Pension dashboards forum 1 May 2024 (1).pdf
 
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
20240419-SMC-submission-Annual-Superannuation-Performance-Test-–-design-optio...
 
Log your LOA pain with Pension Lab's brilliant campaign
Log your LOA pain with Pension Lab's brilliant campaignLog your LOA pain with Pension Lab's brilliant campaign
Log your LOA pain with Pension Lab's brilliant campaign
 
fca-bsps-decision-letter-redacted (1).pdf
fca-bsps-decision-letter-redacted (1).pdffca-bsps-decision-letter-redacted (1).pdf
fca-bsps-decision-letter-redacted (1).pdf
 
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
 
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdfBPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
 
House of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview documentHouse of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview document
 
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdfmagnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
 
Kempen ' UK DB Endgame Paper Apr 24 final3.pdf
Kempen ' UK DB Endgame Paper Apr 24 final3.pdfKempen ' UK DB Endgame Paper Apr 24 final3.pdf
Kempen ' UK DB Endgame Paper Apr 24 final3.pdf
 
2024-04-09 - Pension Playpen roundtable - slides.pptx
2024-04-09 - Pension Playpen roundtable - slides.pptx2024-04-09 - Pension Playpen roundtable - slides.pptx
2024-04-09 - Pension Playpen roundtable - slides.pptx
 
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshareAon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshare
 
Con Keating's coffee morning presentation.pptx
Con Keating's coffee morning  presentation.pptxCon Keating's coffee morning  presentation.pptx
Con Keating's coffee morning presentation.pptx
 
Budget 1974.care of Peter Cameron Brown .
Budget 1974.care of Peter Cameron Brown .Budget 1974.care of Peter Cameron Brown .
Budget 1974.care of Peter Cameron Brown .
 
JD ED Strategy Policy and Analysis. TPrpdf
JD ED Strategy Policy and Analysis. TPrpdfJD ED Strategy Policy and Analysis. TPrpdf
JD ED Strategy Policy and Analysis. TPrpdf
 
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
 
Press release from the BP Pensioner Group on the WPC DB report
Press release from the BP Pensioner Group on the WPC DB reportPress release from the BP Pensioner Group on the WPC DB report
Press release from the BP Pensioner Group on the WPC DB report
 

Recently uploaded

BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
Neil Day
 
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance PaymentCall Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
prijesh mathew
 
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdfGUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
ProexportColombia1
 
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
mukeshomran942
 
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education SlidesSingapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
International Federation of Accountants
 
Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]
Commonwealth
 
Dr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment LeaderDr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment Leader
msthrill
 
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
Alexander Belyaev
 
CONTABILIDAD FINANCIERA / ENSAYO DE CONTABILIDAD
CONTABILIDAD FINANCIERA / ENSAYO DE CONTABILIDADCONTABILIDAD FINANCIERA / ENSAYO DE CONTABILIDAD
CONTABILIDAD FINANCIERA / ENSAYO DE CONTABILIDAD
godiperoficial
 
KYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksKYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
KYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
Any kyc Account
 
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
nimaruinazawa258
 
China's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SUChina's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SU
msthrill
 
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
asukqco
 
Accounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptxAccounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptx
TIZITAWMASRESHA
 
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
Navigating Your Financial Future: Comprehensive Planning with Mike BaumannNavigating Your Financial Future: Comprehensive Planning with Mike Baumann
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
mikebaumannfinancial
 
5 Compelling Reasons to Invest in Cryptocurrency Now
5 Compelling Reasons to Invest in Cryptocurrency Now5 Compelling Reasons to Invest in Cryptocurrency Now
5 Compelling Reasons to Invest in Cryptocurrency Now
Daniel
 
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
yeuwffu
 
China's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SUChina's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SU
msthrill
 
Call Girls in Mumbai (Maharashtra) call me [🔝9967824496🔝] Escort In Jaipur se...
Call Girls in Mumbai (Maharashtra) call me [🔝9967824496🔝] Escort In Jaipur se...Call Girls in Mumbai (Maharashtra) call me [🔝9967824496🔝] Escort In Jaipur se...
Call Girls in Mumbai (Maharashtra) call me [🔝9967824496🔝] Escort In Jaipur se...
rosankumar564363
 
美洲杯投注-美洲杯投注买球官方官网-美洲杯投注比赛投注官网|【​网址​🎉ac10.net🎉​】
美洲杯投注-美洲杯投注买球官方官网-美洲杯投注比赛投注官网|【​网址​🎉ac10.net🎉​】美洲杯投注-美洲杯投注买球官方官网-美洲杯投注比赛投注官网|【​网址​🎉ac10.net🎉​】
美洲杯投注-美洲杯投注买球官方官网-美洲杯投注比赛投注官网|【​网址​🎉ac10.net🎉​】
ahmedendrise81
 

Recently uploaded (20)

BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
 
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance PaymentCall Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
Call Girls Chennai 🎉 7339748667 🎉 With No Advance Payment
 
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdfGUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
GUIA_LEGAL_CHAPTER_2_FOREIGN EXCHANGE.pdf
 
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
欧洲杯足彩-欧洲杯足彩押注-欧洲杯足彩押注官网|【​网址​🎉ac99.net🎉​】
 
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education SlidesSingapore 2024 Sustainability Reporting and Accountancy Education Slides
Singapore 2024 Sustainability Reporting and Accountancy Education Slides
 
Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]Monthly Market Risk Update: June 2024 [SlideShare]
Monthly Market Risk Update: June 2024 [SlideShare]
 
Dr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment LeaderDr. Alyce Su Cover Story - China's Investment Leader
Dr. Alyce Su Cover Story - China's Investment Leader
 
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...
 
CONTABILIDAD FINANCIERA / ENSAYO DE CONTABILIDAD
CONTABILIDAD FINANCIERA / ENSAYO DE CONTABILIDADCONTABILIDAD FINANCIERA / ENSAYO DE CONTABILIDAD
CONTABILIDAD FINANCIERA / ENSAYO DE CONTABILIDAD
 
KYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksKYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
KYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
 
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
Tdasx: Interpreting the 2024 Cryptocurrency Market Funding Trends and Technol...
 
China's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SUChina's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SU
 
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
一比一原版(cwu毕业证书)美国中央华盛顿大学毕业证如何办理
 
Accounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptxAccounting Information Systems (AIS).pptx
Accounting Information Systems (AIS).pptx
 
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
Navigating Your Financial Future: Comprehensive Planning with Mike BaumannNavigating Your Financial Future: Comprehensive Planning with Mike Baumann
Navigating Your Financial Future: Comprehensive Planning with Mike Baumann
 
5 Compelling Reasons to Invest in Cryptocurrency Now
5 Compelling Reasons to Invest in Cryptocurrency Now5 Compelling Reasons to Invest in Cryptocurrency Now
5 Compelling Reasons to Invest in Cryptocurrency Now
 
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
快速办理(RWTH毕业证书)德国亚琛工业大学毕业证录取通知书一模一样
 
China's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SUChina's Investment Leader - Dr. Alyce SU
China's Investment Leader - Dr. Alyce SU
 
Call Girls in Mumbai (Maharashtra) call me [🔝9967824496🔝] Escort In Jaipur se...
Call Girls in Mumbai (Maharashtra) call me [🔝9967824496🔝] Escort In Jaipur se...Call Girls in Mumbai (Maharashtra) call me [🔝9967824496🔝] Escort In Jaipur se...
Call Girls in Mumbai (Maharashtra) call me [🔝9967824496🔝] Escort In Jaipur se...
 
美洲杯投注-美洲杯投注买球官方官网-美洲杯投注比赛投注官网|【​网址​🎉ac10.net🎉​】
美洲杯投注-美洲杯投注买球官方官网-美洲杯投注比赛投注官网|【​网址​🎉ac10.net🎉​】美洲杯投注-美洲杯投注买球官方官网-美洲杯投注比赛投注官网|【​网址​🎉ac10.net🎉​】
美洲杯投注-美洲杯投注买球官方官网-美洲杯投注比赛投注官网|【​网址​🎉ac10.net🎉​】
 

Isios-2024-Professional-Independent-Trustee-Survey.pdf

  • 1. April 2024 isio.com Isio’s 2024 Professional Independent Trustee Survey
  • 2. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 2 Contents Executive Summary 3 Part 1: The Market 7 Growth Corporate Sole Trustee Future Regulation Equality, Diversity and Inclusion Part 2: The Firms Compared 19 Appointments Roles and Approaches Services People Mid-tier Firms Choosing a Professional Trustee Appendix 37 Participants
  • 3. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 3 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 4 Executive Summary “There is a rush for professional trusteeship and the market is thriving” 10 large firms 320 trustee directors 2,300+ pension schemes £1,100bn in assets Now a regular industry fixture, our survey is back for its fourth edition. Professional trustee firms have had another busyyear – both servicing existing clients with high levels of activity and managing the continued growth in appointments and teams. There remain many trustee boards with a mixture of professional and lay trustees including member-nominated trustees - with perhaps tens of thousands of individuals involved across the industry. But with the growing burden of pension regulation and closure of defined benefit schemes, trustee boards are becoming increasingly professional and turning to commercial trustee firms for support. Our survey focuses on the ten larger firms with over 50 appointments each. * Pi and ZEDRA appointments fell slightly over the year primarily due to successful scheme wind-ups. Appointments Number of IT appointments - December 2022 Net increase in IT appointments over 2023 BESTrustees Capital Cranfield Dalriada Entrust Independent Governance Group LawDeb PAN Pi Vidett ZEDRA 0 50 100 150 200 250 300 350 400 450
  • 4. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 5 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 6 Across the 10 firms, there has been a 10% increase in the number of Trustee Directors and a 10% increase in the number of trustee appointments last year. Continuing high levels of activity on pension schemes, pricing and expansion of services have contributed to an average reported revenue growth for firms of 16%. Highlights “Schemes are spoilt for choice in the professional trustee market” 16% Average revenue growth More professional. Sponsors selecting trustees have become more thorough, firms are growing and some have outside investors. As a consequence, the professional trustee sector is becoming more organised, structured and professional in how it operates. More differentiated. There is a growing differentiation in firms as they emerge with a clearer vision and direction of travel. This ranges from firms that are focused exclusively on trusteeship to those that offer bundled models including a range of governance and support services. More competitive. The market is more competitive than everwith lots of choice and different models on offer. Schemes are better informed and more discerning in what theywant from a professional trustee. Selection processes are more rigorous and often involve procurement, making firms work harder to compete for their share of the market. If you need help selecting a professional trustee, please do not hesitate to contact Isio. We have extensive experience in this field and can provide valuable guidance. Need for experience: Firms are often being asked for Trustee Directors or teams with experience and specific skills – perhaps in the industry sector or commonly pensions administration or risk transfer experience. For people joining firms as Trustee Directors it can be challenging to win new appointments, as the market demands trustee experience – a chicken and egg situation. Future regulation: As their influence grows, greater regulatory scrutiny of firms (and professional trustees generally) is anticipated, most likely via the Pensions Regulator. Firms support a strengthening of standards, provided regulation is appropriately targeted and proportionate. Focused BESTrustees Capital Cranfield PAN Hybrid LawDeb Pi ZEDRA Integrated Dalriada Entrust Independent Governance Group Vidett
  • 5. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 7 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 8 The market. “The trustee market has moved on; you can’t dabble in trusteeship” Part 1
  • 6. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 9 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 10 Overview The professional trustee market continues to grow, and the 10 firms covered by this survey are accountable for the management of over 2,300 pension schemes, with a combined asset value exceeding £1.1 trillion. The number of Trustee Directors has increased from 290 in 2022 to 320, and on average, they oversee 7 appointments each. Typically they have 10 years of experience as trustees, with new trustees joining the field faster than the numbers that retire or leave. The firms are becoming larger, but the market remains very competitive, with smaller firms and sole traders vying for market share alongside the 10 larger firms. Management of over 2,300 pension schemes 274 Independent Trustee appointments won 127 Independent Trustee appointments ended
  • 7. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 11 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 12 The professional trustee market continues to grow and evolve – with regulation and risk transfer work creating high volumes of activity for pension schemes. Much of the new client growth still comes from pension schemes appointing a professional trustee for the first time, although replacement of existing professional trustees is increasing. In addition, a number of firms are increasing their range of pension governance services, and in some cases diversifying beyond the traditional pension trustee market. Despite the number of DB schemes falling, the overall market share of the ten firms has increased from around 31% in 2020 to 39% in 2023. The trend of sole trusteeship remains on the rise, with sole trustee appointments now accounting for over 46% of all appointments – compared to 41% in 2020 in our first survey. The influence of firms is growing, with over three-quarters of their appointments being as sole trustee or chair of the board. Change in roles taken Growth 2020 2021 2022 2023 Number of appointments 1,900 2,000 2,100 2,300 Number of Trustee Directors 246 284 290 320 Average revenue growth 17% 21% 14% 16% Estimated market share of DB schemes 31% 33% 36% 39% “The process for appointing professional trustees has become far more competitive” 2020 2021 2022 2023
  • 8. ZEDRA Vidett Pi PAN LawDeb Independent Governance Group Entrust Dalriada Capital Cranfield BESTrustees © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 13 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 14 Corporate Sole Trustee Number of Corporate Sole Trustee Appointments More accurately described as a Professional Corporate Sole Trustee, the firm acts as the only trustee of the pension scheme. In practice this means that a number of staff are involved in each scheme in order to provide debate and challenge. Sole trusteeship requires different processes and governance, and some firms have a specialist centralised team that supports sole trustee clients. The primary purpose of a Corporate Sole Trustee is typically to streamline operations, generate efficiencies and facilitate more rapid decisions with less reliance on trustee meeting schedules and need for trustee upskilling. These appointments have continued to be a key area of growth in the market, with some firms reporting that over half of their new opportunities are for Corporate Sole Trustees. Sponsors and schemes are also appointing a professional trustee firm with a view to them becoming Corporate Sole Trustee in future – trying out the firm before committing to a sole trustee model. Sole trustee appointments also continue to grow in size, with the average scheme size growing from £63m in 2022 to £68m in 2023. 26 existing trustee appointments moved to a Corporate Sole Trustee over the year £73bn assets under the management of Corporate Sole Trustees £68m average asset size by appointment Largest scheme is around £4bn “Sole trustee is often mis-understood – it doesn’t mean a solo trustee” 2020 2021 2022 2023 300 250 200 150 100 50 0
  • 9. “We would support more qualifications for professional trustees” “We’re not afraid of regulation, we have nothing to hide” © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 16 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 15 Future Regulation Regulation of pension fund trustees is in the political spotlight with government consulting on “Pension trustee skills, capability and culture”. There are plans for the Pensions Regulator to introduce a trustee register, additional guidance and potentially compulsory accreditation for professional trustees. The professional trustee firms are a significant part of the trustee landscape so it’s not surprising that regulation or supervision of these firms is an area of debate. In particular sole trustee appointments is an area that the Pensions Regulator is interested in. Whilst there is a balance between regulating individual pension schemes and the professional trustees that manage them, firms all support rising standards. But there are a number of different views, with some inviting further regulation and others sceptical about the practical benefits. One thing remains clear, there is no one-size-fits-all, and the practical challenges of effective regulation are widely recognised. “Any further regulation needs to be well thought through and I’m afraid it might not be!”
  • 10. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 17 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 18 Equality, diversity and inclusion remains high on the agenda of the professional trustee firms and their clients. Clients sometimes turn to professional trustees to help meet their diversity aspirations. Firms themselves are naturally becoming more diverse as trusteeship is now regarded as a career in its own right. Joining a professional trustee company is no longer primarily a later career option, and mid-career hires are becoming more frequent. In some cases, individuals are entering the market for the first time as career trustees. One aspect of diversity is the professional background of the lead Trustee Directors, which has remained consistent although the growth in career trustees is notable. Trusteeship requires a rounded skill-set and a specialist knowledge or background is not essential – or indeed always helpful. “Some sponsors are very specific in what they want from a professional trustee” Equality, Diversity and Inclusion Sponsors and schemes are often particularly interested in physical diversity characteristics, such as gender and race. Among Trustee Directors, the aggregate data is similar to the previous two years – perhaps not surprising given that there isn’t significant turnover in these roles. Statistics may well be different once supporting staff are taken into account. Legal 13% Actuary 24% Pensions manager / consultant 27% Covenant adviser 4% Business / finance 12% Investment 13% Career trustee 7% % Female % Ethnic minority Female 43% Male 57% Ethnic minority 7% Non ethnic minority 93% Professional background of Trustee Directors Gender and racial diversity in the market Gender and racial diversity by firm (anonymous) 60% 50% 40% 30% 20% 10% 0 10% 20%
  • 11. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 19 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 20 Part 2 The firms compared. “No firm is better than the others, we are just different”
  • 12. ZEDRA Vidett Pi PAN LawDeb Independent Governance Group Entrust Dalriada Capital Cranfield BESTrustees © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 21 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 22 Appointments The chart shows the number of pension trustee appointments (excluding MasterTrusts) held by each firm together with an estimate of the total assets in those pension schemes. The asset figures are heavily influenced by appointments to the very largest schemes, and there will be a few duplicates for those large schemes who have multiple professional trustees. Given significant volatility in pension scheme asset values over recent years, there are almost certainly inconsistencies between firms and historic data – so the asset values should be seen as indicative. The majority of these appointments are to Defined Benefit (or hybrid) schemes, reflecting the profile of trust-based schemes in the market. But firms also have pure defined contribution scheme appointments: The main survey results exclude appointments to MasterTrusts and Independent Governance Committees (IGCs) – typicallyvery large arrangements managed by insurers and other pension providers. But this remains an important area of business for some firms, illustrated below. Many of these have several professional trustees, so the asset values shown will inevitably include some duplication. Total Trustee appointments this year vs previous years Number of appointments - DC MasterTrust Independent Governance Committees Approximate % of Trustee appointments that are pure DC schemes 2020 2021 2022 2023 £42bn £11bn - £63bn £72bn £2bn - £60bn £89bn Note: Data not available for Dalriada. BESTrustees Capital Cranfield Entrust Independent Governance Group LawDeb PAN Pi Vidett ZEDRA 0 2 4 6 8 10 12 14 16 18 20 2022 2023 40% 35% 30% 25% 20% 15% 10% 5% 0% 450 400 350 300 250 200 150 100 50 0 £142bn ZEDRA £101bn Vidett £4bn Pi £22bn PAN £315bn LawDeb £237bn Independent Governance Group £2bn Entrust £26bn Dalriada £167bn Capital Cranfield £150bn BESTrustees Total scheme assets
  • 13. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 23 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 24 Firms can be appointed as Corporate Sole Trustee, as Chair of a trustee board or as ‘co-trustee’ – one of a number of trustees on a board (but not acting as Chair). Some of the firms have many clients across all three models, whereas others are more focused in certain areas. For example, PAN Trustees and BESTrustees have more Chair appointments, and Law Debenture has more co-trustee roles. For all firms, sole trusteeship remains a crucial element, with seven out of ten currently having at least 40% of their appointments in the sole trustee category. In particular, Entrust’s key focus is sole trusteeship, primarily through a consolidator vehicle for which it serves as the sole trustee. The other firms with the biggest sole trustee percentages are Dalriada and Pi. Roles and Approach BESTrustees LawDeb Capital Cranfield PAN Dalriada Pi Entrust Vidett Independent Governance Group ZEDRA Chair Sole Co-Trustee Roles taken by the firms
  • 14. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 25 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 26 Firms’ portfolios of trustee appointments are all different, and they have built up correspondingly varied approaches to service clients. In a very competitive market, firms are increasingly differentiating their philosophies around trustee governance and the services that they offer. Most firms have a range of approaches and services depending on the client circumstances, so inevitably there is some generalisation in describing a firm’s philosophy. But we are seeing distinct types of firms emerge around their primary or preferred approach to market. The firms’ approaches predominantly fall into one of these categories, although naturally there are always overlaps. The table summarises the typical operational methods employed by focused, hybrid, and integrated firms. It is important to note that governance and extended services can encompass a broad spectrum of activities that vary depending on the circumstances. These activities may include acting as scheme secretary, organising documents, and preparing meeting minutes. And also creating governance documents, ensuring adherence to regulations, overseeing advisor evaluations, and potentially functioning as a complete executive support team for the trustee. Approaches “The pensions world has been dragged away from non-executive trusteeship” “We stay in our lane of trusteeship” Focused These firms focus on a pure trustee role, with no potential distractions. This will often involve one or more experienced individuals making decisions at Board level and working with executive teams or advisers to deliver the Scheme’s strategy. Integrated The firms who emphasise a packaged solution to pension scheme governance. They are likely to use a broader team of people, They may involve internal subject matter experts to work on specific areas, and deliver other governance and project support. Hybrid The firms that have a mixed client base or service offering that can fit either description. Often any broader governance services are provided under separate arrangements to an independent trustee appointment – or even to a different clients. Focused Hybrid Integrated Full chair / co-trustee roles Yes Yes Yes Scheme secretary Yes Yes Yes Additional governance services Typically outsourced Yes – but usually bought separately Yes – often packaged Full sole trustee proposition Yes Yes Yes Extended services, e.g. projects Occasionally Yes – but bought separately Yes – as appropriate Focused BESTrustees Capital Cranfield PAN Hybrid LawDeb Pi ZEDRA Integrated Dalriada Entrust Independent Governance Group Vidett
  • 15. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 27 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 28 Services Sole trusteeship is a significant source of income for the firms, with some having greater exposure than others. The following chart shows the proportion of appointments as sole trustee alongside the percentage of appointments in which the firm serves as scheme secretary. Sole Trustee and secretarial roles are often combined but not always. Variations among firms are influenced by their individual models, with for example PAN less inclined to assume the role of scheme secretary, while Entrust incorporates it as part of their core offering Some firms offer a broad range of standalone governance services – even where they are not trustee – whereas others are not active in this market. Where data was available, the number of standalone appointments by firms has been reported below. Approximate business mix: % of revenue (anonymous) Appointments as Scheme Secretary vs Corporate Sole Trustee Note: Pi figures include Pi Consulting appointments. The ZEDRA figures are for their trustee business, and exclude ZEDRA Inside Pensions which delivers these roles. Sole trustee clients including all linked governance work Other % of IT roles where Scheme secretary % of IT Appointments - Sole Trustee Appointments where not a Trustee Secretarial Governance / executive services BESTrustees 0 0 Capital Cranfield 1 5 Dalriada 13 10 Entrust 0 0 Independent Governance Group 16 across both LawDeb 3 1 PAN 0 0 Pi 23 7 Vidett 20 26 ZEDRA 2 2 ZEDRA Vidett Pi PAN LawDeb Independent Governance Group Entrust Capital Cranfield BESTrustees 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
  • 16. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 30 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 29 Trustee Directors are key personnel at firms - the face of the organisation at trustee meetings and in sponsor discussions. Firms typically give the lead Trustee Director significant autonomy and responsibility for their individual schemes. These Trustee Directors often come from a professional background and many have deep pensions expertise. Increasingly firms are also developing “home-grown” trustees as it develops as a career in its own right. Professional background of Trustee Directors At some firms all Trustee Directors are salaried employees with potential profit-sharing or bonus schemes, while others use a revenue-sharing model that ties directors’ earnings to their individual client appointments. Some use both models. “Despite getting larger, it’s still a people business” People Legal Actuary Pensions manager / consultant Covenant adviser Business / finance Investment Career trustee Salaried employees Mixture Share of revenue Dalriada Entrust Independent Governance Group LawDeb Vidett ZEDRA Pi BESTrustees Capital Cranfield PAN BESTrustees Capital Cranfield Dalriada Entrust Independent Governance Group LawDeb PAN Pi Vidett ZEDRA 0 10 20 30 40 50 60 70 80
  • 17. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 31 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 32 Teams The number of Trustee Directors continue to grow, and the chart below shows the expected increase in the number of Trustee Directors over the next year. In addition to experienced pensions and business professionals, younger professionals are now joining trustee firms as their next career move. Differences in delivery models are illustrated by the data, with some firms having as many supporting client staff as front-line Trustee Directors. This often reflects a team approach to trusteeship or additional governance services, and many sole trustee appointments operate this way. In contrast some firms focus primarily on the Trustee Directors, relying on advisers or pension manager teams to provide the appropriate support. Pi and LawDeb both have separate arms to their businesses which provide standalone governance support which comes through in their figures (as do ZEDRA but the figures for ZEDRA Inside Pensions are not included here). Expected increase in number of Trustee Directors over the next year Number of Trustee Directors Other Number of Firms Broader teams The chart shows the number of client-facing staff at each firm split between Trustee Directors and other team members – noting that most firms will also have functional support teams in addition. The definition of client facing staff will be different across firms and some are part of larger organisations, hence it is not easy to compare like-for-like. Number of total client facing staff ZEDRA Vidett Pi PAN LawDeb Independent Governance Group Entrust Dalriada Capital Cranfield BESTrustees 180 160 140 120 100 80 60 40 20 0 20%-30% increase 10%-20% increase 0%-10% increase No change expected 0 1 2 3
  • 18. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 33 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 34 Mid-Tier firms In addition to the 10 large firms in our survey we invited a range of other Professional Trustee firms to provide information about their size and services. Some of these are firms with a long heritage while others are relatively new and growing quickly. This is not a comprehensive review of the market, but a summary of the information provided is shown below. Note: Some of these firms deal with a number of PPF assessment cases and wind-up appointments made by the Pensions Regulator – so their appointments rise and fall as these wind-ups or PPF transfers are completed. Align HS Trustees ndapt Open Trustees ProPensions Trustee Corporation Ownership Limited Company Limited Company Self-owned Subsidiary of law firm Osborne Clarke Limited Company Limited company - shares owned by Squire Patton Boggs Year Established 2019 2021 2020 1992 2019 1986 Number of Trustee Directors 5 4 9 6 3 6 Number of other staff 0 2 4 6 1 5 Number of IT appointments 35 3 42 40 34 26 Number of IT appointments 2020 2021 2022 2023
  • 19. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 36 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 35 Choosing a Professional Trustee Having to choose from numerous firms, operating models, and individuals can make it difficult to determine the best starting point. However, having a clear thought process can help you make the right decision foryour scheme. Once your needs have been identified, the process of finding the right individual and firm becomes simpler. With well- defined requirements, firms can present individuals who meet the criteria. Personal recommendations and gap analyses that capture the diversity, skills, and experience of the trustee board can be helpful in creating a shortlist. It is advisable to seek multiple opinions to obtain a comprehensive view of the market. “Clients are more thoughtful about what they need from a Professional Trustee” If you need help selecting a Professional Trustee, please do not hesitate to contact Isio. We have extensive experience in this field and can provide valuable guidance. • What will Professional Trustee help you achieve, is it to enable faster decisions, fill a knowledge gap, improve diversity, reduce management time or help deliver a de-risking or buy- out strategy? • Do you want a Sole Trustee, a chair role or are there specific areas or sub-committees that need attention such as investment, or DC for example? • Skills and experience, both technical and softer skills • Working style, hands-on and taking control or strictly non- executive? Do you want a firm with depth of resource or a sole trader? • Individual style and fit is crucial but will usually be tested at the interview stage Why do you want a Professional Trustee? What role do you want them to fill? What do you want from the individual and/ or firm?
  • 20. © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 37 © Isio Group Limited/Isio Services Limited 2024. All rights reserved Document classification: Public 38 Firm Website Contact www.bestrustees.co.uk Ann Rigby www.capitalcranfield.com Harus Rai www.dalriadatrustees.co.uk Chris Roberts www.gateleyplc.com/entrust Stuart Evans www.weareigg.com Mark Wileman www.lawdebenture.com Vicky Paramour www.pantrustees.co.uk Nick Chadha www.pipartnershipgroup.co.uk Amanda Burden www.vidett.com Naomi L’Estrange and Wayne Phelan www.zedra.com Kim Nash Appendix We’d like to thank all the firms who participated for their support in making this survey possible. We collected data for this paper via a combination of a questionnaire completed by each firm and an interview with a senior individual, usually the CEO. Participants
  • 21. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Isio Services Limited is authorised and regulated by the Financial Conduct Authority FRN 922376 Contacts Mike Smedley Partner 07920 181 110 mike.smedley@isio.com Harvi Rana FIA Director 020 8154 5082 harwinder.rana@isio.com isio.com