Hymans Roberston has launched a new service tailored to the specific needs of sole trustees.
This will offer support, data and insights and strategic leadership and will be delivered by a centralised specialist client team at the consultancy.
The bespoke service, known as ST 3, is designed around the trustee’s specific experience and expertise, agility and pace of working, to help them manage their multiple appointments.
Hymans Roberston says that strategic leads will be on hand as ‘in-the-moment’ sounding boards to help align stakeholders’ risk appetites with timely, efficient decision-making. It says this will allow more streamlined execution of these decisions.
The service also provides ‘plug-and-play’ data when sole trustees need it. This will also enable them to work in dynamic collaboration with their advisers.
Hymans Roberston says that central this new service are three core ideas: that it should be concise, continuous and collaborative.
Hymans Roberston head of sole trustee services Shani McKenzie says: “We’ve seen the number of sole trustee appointments steadily rising for almost a decade.
“Schemes closing in on their endgames sponsors are keen to make strategic progress, often introducing sole trustees to support that. We’ve built on our concise, continuous and collaborative foundations to launch a new service that brings together the tailored service sole trustees need today, while at the same time responding to the emerging trends we expect in the future.
“Sole trustees have centralised approaches but find they are managing multiple pension schemes and service providers. Having a partner that integrates seamlessly with their systems and ways of working will likely be a defining approach for future success. The design of our centralised and specialist team means we can work with sole trustees in a way that optimises their governance structure and consistently delivers a service that is concise, continuous and collaborative.
“The combination of a regulatory drive to focus on endgame planning and the fully professional nature of sole trustee boards means sole trustees are seeking a different service from their advisers. The strategic leadership we will offer will support sole trustees in aligning stakeholders, create strategic agility and provide a sharp focus for scheme progress.”