The Association of Professional Pension Trustees has issued an updated version of its ‘Code of Practice’ for professional corporate sole trustees. The new version will replace the current code from 1 January 2026, “to allow time for firms to update their processes and procedures”, the association said.  

The Code comes as a governance consultation is expected this year and after the Pensions Regulator undertook targeted engagement with some of the firms over the summer. 

The APPT code for sole trustees was introduced in 2021. The association said the update was in line with updates to the Standards for Professional Trustees of Occupational Schemes - notably Schedule 3 setting 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 codes.   

The APPT Council, which drafted the revised code, shared it with members in May for comment, as well as with TPR. 

“A range of responses were received, which the Council has considered and factored in accordingly,” the association noted.   

“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 [the Pensions Management Institute] and the industry more widely, including the Department for Work and Pensions who recently announced a consultation on governance for later in the year,” said APPT chair Rachel Croft.  

APPT Council member Julia Yates, who led the review of the code, 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.”  

Welcoming the updated sole trustee code, the PMI’s chief strategy officer Helen Forrest Hall said the PMI will incorporate the revised code into its accreditation process. 

 

“As an independent professional body, we play a key role in raising standards across the industry through our education programme and by accrediting professional and lay trustees. By working closely with industry bodies such as the APPT and all our education partners, we are committed to ensuring that trustees are equipped to deliver better saver outcomes in line with government and regulatory expectations,” she added.