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Knowledge hub

Check out one of our recent thought pieces below, or dive into our knowledge hub to see the latest thinking from across the Muse team!

Musings | 28 Sept 2026

Concentration risk in trustee services

What happens when a significant proportion of a scheme’s knowledge, governance activity and institutional memory becomes concentrated within a single organisation? Katherine Milton, who is part of our outsourced pensions management leadership team, looks at some of the challenges with concentration risk and outlines the key questions that trustees need to ask when assessing supplier concentration risk.

Musings | 28 Sept 2026

Private markets in UK pension defaults

Private markets could be a valuable addition to UK pension scheme default funds, especially for members who are many years from retirement. This area, however, is not without its challenges. In this article, Paul Armitage, Head of DC at Muse, looks at what this means for charges and member communications.  

Musings | 28 Sept 2026

AI governance

Artificial Intelligence (AI) is driving considerable change across many industries, including pensions, and whilst there are significant potential benefits available, the risks are real as well. Jo Fellowes explores where AI is currently being used and developed in the pensions industry and considers the changes in Trustee governance required to oversee data, security and cyber risk as AI use continues to evolve.

TO Final

Tom Oakley

Consultant
HB Final

Hana Bailey

Senior Consultant
ADC Final

Adrian Cooper

Head of Market Engagement
RE Final

Reece Eley

Junior Consultant
CW Final

Claire Wallis

Consultant
KJ Final

Kneale Jefferis

Administrator
JF final

Jo Fellowes

Director
Sharon Hine

Sharon Hine

HR & Business Support Administrator
Mark dallaway

Mark Dallaway

Senior Associate
TB Final

Tony Brown

Consultant
EMR Final

Ellen Ratcliffe

Principal Consultant
Adam Chate

Adam Chate

Senior Consultant
PV Final

Pamjit Virdi

Senior Consultant
KEM Final

Katherine Milton

Principal Consultant
KM Final

Kate Maloney

Client Director
PA Final

Paul Armitage

Head of DC
Amanda Cullen V1

Amanda Cullen

Senior Associate
Muse heads March 579 Edit

Geoff Francis

Senior Consultant
S Murdoch Headshot

Stuart Murdoch

Consultant
KW Final

Katy Wilkinson

Consultant
OD Final

Olivia Devereese

Project Manager
ER Final

Emma Rogers

Senior Consultant
RP Final

Robert Plumb

Senior Associate
CD Final

Cindy Dadier

Head of Operations
Alan S Final

Alan Simpson

Financial Controller
Ryan P Final

Ryan Perrin

IT Support Apprentice
AJB Final

Adam Barker

Project Manager
MH Final

Margs Harvey

Business Administrator
AS Final

Antonella Sferrino

Associate
RC Final

Rosanne Corbett

Director
Susan Sinclair March 2025

Susan Sinclair

Senior Consultant
IM Final

Ian McQuade

CEO
A JM Final

Auline-Jean Melbourne

Associate
CC Final

Clare Chilton

Consultant
EB Final

Emma Beard

Senior Consultant
TK Final

Tammy King

Head of People
DJ F Inal

Daniel Jacobson

Principal Consultant
DN Final

Danuta Nott

Business Support Manager
RC

Robyn Cowan

Senior Consultant

Testimonials

Muse provided interim scheme secretarial services to the RNIB Retirement Benefits Scheme for a period of six months, taking over with very little handover and no prior scheme knowledge. Rosanne and Tom hit the ground running and did an incredible job to get up to speed as quickly as they did. Their secretarial services have been excellent, however it’s the executive services they have provided that have gone beyond our expectations. They have provided an all-round governance and strategic planning service which has made an immeasurable difference and for which we are very grateful. Muse has provided a comprehensive handover to the new Scheme Secretary, which will allow him to continue their work and complete the overhaul of the Scheme’s governance.
Where we are six months on from Muse taking up the role isn’t a step change difference, it’s a quantum leap. Rosanne and Tom have made my life easier as Trustee Chair and gained the trust and confidence of the trustees, enabling us to be more non-executive. We now have an agreed strategic direction. Importantly, we have a plan to reach it and a well-constructed business plan, risk register and operational work plan to help us keep on top of the big issues and risks and make best use of our advisers. They’ve made a big difference not just to the trustees but to members who will benefit from the governance changes.
Trustee Chair, RNIB Retirement Benefits Scheme
Muse helped us to agree a future investment governance model appropriate for our organisation. They have deep knowledge of the advisory and fiduciary management market and we were impressed with how well they listened to all views, helped us consider all the options and, importantly, obtain buy in from all key stakeholders.
Chair of Trustees, Reed Elsevier Pension Trustee Limited
Muse helped us review the Trustee’s approach to managing risk, introducing and documenting a new risk management framework, which set out the Scheme’s risk governance and processes, dovetailing with operational risk management practices. Rosanne worked with me to facilitate workshops for the Trustee Board to agree its strategic objectives, risk appetite and key risks. Together we developed a reporting dashboard for the board, showing risk trends, incident reporting, project risk tracking and horizon scanning of emerging risks. She also worked closely with the Operational Risk Manager to embed good risk management practices within the in-house Trustee Executive team. In parallel, Rosanne worked with the Trustee’s Governance Committee to embed a new internal audit work partner and agree the internal audit workplan. Rosanne brought insights and expertise into risk management practices with other large pension schemes and brought risk alive for our scheme so that we understood its value. The trust she built enabled us to tackle complex issues, whilst developing simple and effective solutions for the Trustee Board.
Head of Legal and Compliance of Trustee Executive Limited, National Grid - Trustee Executive Limited

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