HS Trustees has announced the launch of a new service that aims to provide an alternative to corporate sole trustee models for small and medium-sized pension schemes.

Its Trustee Board+ service was developed to address the growing demand from regional actuaries and legal advisers for a more flexible approach to professional trusteeship.

The service aims to enhance governance without removing control from existing trustee boards.

HS Trustees estimated that approximately 2,500 UK pension schemes were operating without a professional trustee, many of which were based outside of London.

Trustee Board+ was designed for these schemes, to provide access to professional trustees operating under a fiduciary duty while enabling existing trustee boards to retain their governance structure.

Features of the service include: trustees integrated into existing boards; fixed fee pricing; a ‘low-cost’ delivery model aimed at medium-sized schemes; and enhanced governance without loss of control.

“Many small schemes are already well governed and simply need additional experience and expertise at trustee level - without giving up control,” commented HS Trustees managing director, Bobby Riddaway.

“In many cases, these schemes benefit from strong chairs with a long history with both the scheme and the employer. Trustee Board+ is designed to complement these boards, not replace them.

“For many schemes, the choice has been binary—either continue as is or appoint a corporate sole trustee. Trustee Board+ offers a practical alternative: strengthening governance while preserving continuity and control.”

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