The following Pensions practice note provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES
The most common trustee structures used for trust-based occupational pension schemes are:
individual trustees. For more information, see individual trustees, below
a company acting as sole trustee (commonly known as a trustee company or corporate trustee). For more information, see Corporate trustees, below
The trustee structure which best suits a scheme depends on the particular circumstances of the scheme. The choice of trustee structure is a decision which typically belongs to the employer.
There are both advantages and disadvantages of using a corporate trustee, which are set out in Advantages of using a corporate trustee and Disadvantages of using a corporate trustee, below.
Typically, it is more common to find individual trustees where a scheme has only a small number of members and a single benefit structure. For larger, more complex schemes (eg with multiple sections and benefit structures), employers usually prefer to have a corporate trustee in place (with a professional trustee acting as a director of that corporate trustee).
However, there has been a trend for employers to change the trustee structure of their scheme from individual trustees to a corporate trustee, in particular since the 2008 case Gregson v HAE Trustees which suggests that directors of corporate trustees are less exposed to personal liability than individual trustees (see Advantages of using a corporate
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