Growth in the professional trustee market has slowed as more schemes are buying out, with sole trustees remaining the fastest growing segment, WTW’s latest survey of professional trustees has found. 

The professional trustee market is maturing, WTW’s 2026 survey suggests. Appointments are still going up, but growth fell to 3% in 2025, having been at 8% in 2024 and 12% the year before. 

WTW attributes the slowdown to the current strong funding positions of defined benefit schemes, which have allowed many to move to buyout and wind-up. The consultancy estimates that about 2,500 professional trustee appointments exist across DB schemes. 

“Growth in appointments remains positive, but it is now being influenced by more schemes reaching their endgame and transitioning to buyout,” said Hazel Kendrick, head of strategy relationships at WTW. “The focus for the market now is on demonstrating strong governance, independence and the ability to deliver successful outcomes.” 

While overall market growth is lower, sole trustee appointments are still expanding at a rate of 7%, as sponsors seek faster decision-making and more streamlined governance where schemes are heading for buy-in or buyout. For the first time, WTW has included sole traders in its survey, who it found tend to hold fewer scheme appointments and place greater emphasis on individual experience and independence. 

Professional trustee firms and sole trusteeship have come under scrutiny by the Pensions Regulator, which is set to issue guidance on appointing sole trustees shortly.

David Walmsley, director of trusteeship, administration and DB supervision at TPR, welcomed WTW’s latest survey.

“Our vision is that all schemes are well run by highly skilled trustees applying effective scheme governance, designed to deliver good outcomes for members. To achieve that vision, it is vital that we continually improve our understanding of the professional trustee market, so that we can work with the sector to raise standards of trusteeship and governance in members’ interests,” he said.

With sole trustees in particular focus, WTW’s survey found most sole trusteeship providers already have formalised oversight panels (89%), internal audit of decision making (83%) and documented evidence of the options considered (78%), while 44% go further by planning to add external perspectives on key decisions and to rotate trustee teams.

A government consultation on trusteeship could bring market changes. The government raised as possibilities new requirements such as a trustee directory and limits on the length of tenure and number of appointments trustees can hold. The consultation also sought views on conflicts, member voice, a public trustee for problem schemes, and a register of administrators with a possible power to deregister them.