Trustees are responsible for the stewardship of large sums of money on behalf of others, and the legal and financial environment has become more complex. Advisers can only advise but ultimately trustees bear responsibility for all decisions that they take.
A professional trustee with appropriate qualifications and experience brings knowledge of investment, actuarial and legal matters gained over many years, and will often have encountered a situation previously with identical or at least similar circumstances.
The opportunity cost of each employee who acts as a trustee (particularly senior management) acquiring and maintaining the knowledge required to function effectively as a trustee can be substantial.
There are significant cost savings in having a professional trustee acting alongside or even in place of the existing trustees.