BESTrustees is one of the UK’s leading providers of sole trusteeships. A Sole Corporate Trustee takes the place of a traditional trustee board, and is an approach which is growing in popularity. Our methodology is built on the extensive experience we have gained over many years of sole trusteeship appointments, and reflects the highest standards of governance.
Why appoint a Sole Corporate Trustee?
There are a variety of circumstances where the appointment of a Sole Corporate Trustee may be appropriate. These include:
- Situations where it is proving difficult to find employer and/or member nominated trustees
- A desire to free up management time, particularly where the scheme is a legacy one or small in the context of an employer’s broader reward arrangements
- A recognition of the need for better management of conflicts of interest
- The desire to benefit from the greater cost and service efficiencies which an experienced sole trustee can deliver
- The difficulties of keeping up to date with rapidly changing legal and regulatory requirements
- Many overseas firms find it helpful to appoint a UK based professional trustee
The BESTrustees approach
Under a Sole Corporate Trustee arrangement, accountability for all the activity carried out in governing the Scheme rests with the Board of BESTrustees plc. As part of our service:
- We provide a team oriented solution, which means we can combine a range of skills and experience to meet the requirements of individual clients in a highly cost effective way
- We believe an open, collaborative and partnership approach with the scheme sponsor is essential, and will work together from the outset to ensure there is a shared set of strategic objectives, as well as an ongoing ‘business to business’ dialogue
- Initially, we aim to work closely with the outgoing trustee board, and, where possible, have a period of ‘dual running’. We can also provide guidance on communications to members about the transition
- We will immediately establish close working relationships with other scheme providers and advisers, using our market knowledge to ensure that services are optimised and costs managed
- We will implement an annual business planning, budget and risk management regime