Trustee Standards

Trustee Standards

A code of practice for Independent and Professional Corporate Sole Trustees (PCSTs) was introduced in October 2020 which in summary:

• Requires all Independent & PCSTs to properly document their appointment
• Ensures independent & PCSTs have procedures in place to document how their decisions are taken and recorded
• If a sole trustees appointment this requires involvement of at least two Accredited Professional Pension Trustees in all key decisions
• Requires procedures to be in place to maintain their independence from the sponsoring employer and to remain free of conflicts of interest
• Requires Internal Controls set by an independent body to be in place