The Pensions Regulator plans to publish guidance on appointing a professional corporate sole trustee shortly and will follow this up with further guidance on specific risks throughout the year. A market oversight report is due to be out in September. 

The regulator is currently engaging with the 11 largest professional trustee firms to understand the risks and opportunities posed by different professional trustee and business models. 

A recent regulatory grid by the Financial Conduct Authority noted that the insights gained from these reviews will be published in a market oversight report in September, adding that “TPR will also publish guidance to the market on specific risks throughout the year starting with guidance on appointing a professional corporate sole trustee in May 2026”. 

The guidance on appointing a sole trustee has not been published yet but is expected shortly.  

A spokesperson said: “We have gathered evidence from the PCST sector to understand business models, risks, opportunities, and potential conflicts. We intend to publish a market oversight regulatory intervention report on our findings later this year. Before then, we will shortly publish separate guidance to support effective appointment, and transition to, a Professional Corporate Sole trustee.” 

The spokesperson said TPR’s vision is for all schemes to be well run “by highly skilled, independent trustees who are expert and able to provide robust challenge”.   

TPR is also still due to publish a statement about what trustees should consider around defined benefit surplus release, followed by a guidance consultation later this year. While the FCA grid suggests the surplus statement was “to be published by late May 2026”, it has not come out either to date.