The responsibilities of trusteeship are inherently burdensome. As a trustee, you automatically take on a fiduciary duty to act in the best interests of the trust’s beneficiaries, as well as a range of additional requirements under the individual terms of the trust, and the various laws and regulations that apply to it.
Today, especially in the pension’s arena, that regulatory environment is constantly escalating, with a raft of new requirements and codes of practice emerging that individuals and boards of trustees must comply with. And yet the vast majority of people who take on those duties are volunteers – busy people who have to carry out their duties alongside their normal workload, or even potentially in conflict with their executive goals. It’s no wonder that increasingly, boards of trustees are looking to appoint experienced, professional trustees to help them bear these burdens.