New Tech Poses Challenge For Sole Trustees

By Irene Madongo (July 28, 2022, 7:23 PM BST) -- A financial services consultancy warned Thursday that the top challenge facing sole trustees of defined benefit pension schemes is developing new technology, amid an increased demand for digital services in the retirement industry.

Hymans Robertson said a survey it conducted on sole trustees found that about 62% of respondents identified technology as a challenge, followed by 39% who cited governance. The consultancy surveyed 13 professional corporate sole trustees, which are firms that take responsibility for a pension scheme's operations and governance, between April and May 2022.

The technology concern comes against the backdrop of an evolving digital world, according to Hymans. Shani McKenzie, head of...

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