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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.

IM Final

Ian McQuade

CEO
Adam Chate

Adam Chate

Senior Consultant
A JM Final

Auline-Jean Melbourne

Associate
OD Final

Olivia Devereese

Project Manager
Sharon Hine

Sharon Hine

HR & Business Support Administrator
ADC Final

Adrian Cooper

Head of Market Engagement
EB Final

Emma Beard

Senior Consultant
AJB Final

Adam Barker

Project Manager
TB Final

Tony Brown

Consultant
RC

Robyn Cowan

Senior Consultant
TK Final

Tammy King

Head of People
AS Final

Antonella Sferrino

Associate
CC Final

Clare Chilton

Consultant
RP Final

Robert Plumb

Senior Associate
KM Final

Kate Maloney

Client Director
KW Final

Katy Wilkinson

Consultant
RE Final

Reece Eley

Junior Consultant
Mark dallaway

Mark Dallaway

Senior Associate
Ryan P Final

Ryan Perrin

IT Support Apprentice
KJ Final

Kneale Jefferis

Administrator
PA Final

Paul Armitage

Head of DC
PV Final

Pamjit Virdi

Senior Consultant
KEM Final

Katherine Milton

Principal Consultant
S Murdoch Headshot

Stuart Murdoch

Consultant
Muse heads March 579 Edit

Geoff Francis

Senior Consultant
CW Final

Claire Wallis

Consultant
HB Final

Hana Bailey

Senior Consultant
MH Final

Margs Harvey

Business Administrator
CD Final

Cindy Dadier

Head of Operations
JF final

Jo Fellowes

Director
EMR Final

Ellen Ratcliffe

Principal Consultant
TO Final

Tom Oakley

Consultant
DJ F Inal

Daniel Jacobson

Principal Consultant
DN Final

Danuta Nott

Business Support Manager
Susan Sinclair March 2025

Susan Sinclair

Senior Consultant
ER Final

Emma Rogers

Senior Consultant
Amanda Cullen V1

Amanda Cullen

Senior Associate
Alan S Final

Alan Simpson

Financial Controller
RC Final

Rosanne Corbett

Director

Testimonials

We selected Muse to help us review our DC consultant, largely because of their in-depth market knowledge and well-run selection process. Stacy used her own DC experience to help us define our requirements, and worked well with our Trustees and in-house team.
Pension Scheme Secretary, Aviva Staff Pension Scheme
Muse were able to understand the different styles and requirements of our two Trustee Boards and guide them both through a process, which resulted in a robust decision having carefully considered the right sort of provider and the requirements of the service. Their insights into the market and broad understanding of the part covenant advice plays in integrated risk management was invaluable in evaluating the market, and their facilitated process helped maximise effective use of pensions staff and trustee time.
Pensions Operations Manager, ScottishPower and Manweb Pension Schemes
It was a pleasure to work with Muse on our Administrator selection process. As we were outsourcing for the first time, which is particularly challenging, their insight into the market and the administrators we saw, guiding us through the minefield of selection, gave us confidence that we were making the most informed decision. Muse’s process was pragmatic and effective, always considerate of the circumstances of the in-house team. We continued to rely on Muse’s support particularly throughout the contracting stage where their knowledge & experience proved invaluable as well as the transition stage; they challenged the administrator and asked the questions we didn’t know to ask. I would have no hesitation in recommending them.
Trustee Director, Molins UK Pension Fund Trustee Limited

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