The Association of Professional Pension Trustees (APPT) has updated its Code of Practice for Professional Corporate Sole Trustees (PCSTs), effective 1 January 2026.
The update gives firms time to review and adjust their processes where needed.
The Code, first introduced in 2021, applies to all 450 APPT members and sets out the standards firms must follow when acting as a PCST.
The revisions reflect changes to the Standards for Professional Trustees of Occupational Schemes (including Schedule 3 for sole trustees), the APPT Change of Professional Pension Trustee Guidance Note and The Pensions Regulator’s latest guidance.
The APPT Council drafted the update and consulted members and TPR in May, taking feedback into account before finalising the Code.
APPT chair Rachel Croft says: “The APPT has, since 2019, led the way in setting out the high standards that professional trustees should work to and pioneered the accreditation of members, raising the bar of ‘professionalism’, and addressing issues of fitness and propriety.
“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 asPMI and the industry more widely, including theDepartment for Work and Pensions who recently announced a consultation on governance for later in the year.”
APPT council member Julia Yates says: “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.”