Governance and Trustee Effectiveness

Governance encompasses all aspects of running and overseeing a pension scheme, from knowledge and understanding, soft skills, decision-making, succession planning, to the processes and structures that enable effective decision making and scheme management.

We help trustees improve their governance and scheme management. This might be through sensitively challenging existing practices, identifying ineffective or inefficient ways of working, supporting a trustee board through a period of disruption or change, helping to resolve an issue or tricky situation, or simply providing a fresh pair of eyes and ears to objectively assess what’s working well and what’s not.

Our work supports trustees in achieving their objectives, ensuring they spend their time in the right way and on the right things.

Scheme Governance

Governance is about how you oversee and manage your scheme. Having the right structure is important, however much of what goes into enabling good governance is more nuanced and less visible. Our expertise and insight into good governance practices mean we can help you define and put in place a system of governance that is effective for your circumstances.

Trustee Effectiveness

Many factors contribute to an effective trustee board. These might be operational as well as behavioural. We work with trustees to navigate periods of change, address tricky issues that require an independent view or perform a regular external review in a 3 or 5-year cycle.

The way we work provides you with an opportunity to reflect. We listen, understand your circumstances, recognise your strengths and help you see how to improve in an achievable and sustainable way.

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General Code

We bring an independent, unbiased viewpoint, to complying with the general code, especially the Effective System Of Governance (ESOG) and the Own Risk Assessment (ORA). We have been undertaking ORAs since 2021, bringing our governance, risk and pensions management expertise to bear so that schemes see demonstrable enhancements to their governance and risk management.

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Click the link below to read more on how we could help you develop your Scheme Governance and Trustee Effectiveness

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Investment Governance

Effective investment governance is a critical performance driver for a pension scheme in meeting its strategic objectives. We work with schemes to overcome problems they have with trustee understanding, clarity of roles, decision making, advice, resources, ESG/ climate change risks, reporting requirements etc. which can prove expensive for a scheme and its employer. We help ensure investment risks are effectively managed and opportunities are not missed.

Amanda Cullen

Senior Associate

Barry Mack

Director

Claire Wallis

Consultant

Evalinde Eelens

Senior Associate

Hana Bailey

Senior Consultant

Ian McQuade

CEO

Jo Fellowes

Director

Katy Wilkinson

Consultant

Pamjit Virdi

Consultant

Rosanne Corbett

Director

Tom Oakley

Consultant

Muse Advisory's objective assessment of the effectiveness of the Trustee Board's governance arrangements was well received. They also helped us map roles and responsibilities succinctly and with clarity.

UK Pensions Manager, BAT UK Pension Fund

Muse Advisory carried out a review of our governance. The team were good to work with and worked constructively with our trustees, the pensions team, company representatives and our advisers. We invited them back to facilitate our trustee strategy which was also well received. We value their expertise, independence and range of relevant skills.

Trustee Chair, Rolls-Royce UK Pension Fund

Muse have helped us via an independent trustee effectiveness review, a discussion workshop for the board on the findings and subsequently some planning and facilitation work for Trustee strategy sessions. The Muse team are highly capable with a strong client focus in the way they work, with us and our other advisers. Our trustee board is skilled and expects high quality and good value for money from advisers. Muse has consistently delivered this.

Chair, 3i Group Pension Plan

Rosanne and Julia facilitated an online session for the Trustee Board on strategic planning and agreeing our objectives for member experience, considering administration service delivery and member communications and engagement. It was a focused, positive and engaging session despite it having to be held online rather than face to face as we’d planned. It helped us make progress and we had a meaningful discussion as a board. All the trustee directors were able to share candid views and ideas on what is important to us as a board and to members. We got a lot of value out of it - and more to the point now have a basis to agree long-term non-financial objectives for the pension scheme.

Chair and Trustee Director, National Grid Electricity Group Trustee Limited

Muse facilitated the setting of our strategic goals, both financial and operational, working with all our advisers and providers so that the objectives were fully integrated, not only in respect of IRM but also with regard to data, administration, member communication and governance. Their independence meant that the advisers were open and transparent in their thinking. The momentum they helped us achieve means that we are on course to provide good outcomes for our members. It also gives us a helpful framework to refresh regularly, to check that we remain on track.

Independent Trustee, Xerox Final Salary Pension Scheme

Muse was a highly valued resource to both the Trustee and our executive team. They helped us focus on our strategic priorities, whilst also helping the team deliver and move the scheme towards its goals. Along with this, they were a safe pair of hands delivering the regular business-as-usual work in the quarterly cycles. We enjoyed working together and appreciated their pragmatism and wider market views. Muse's team has added value at various levels of the organisation and helped us through a period of significant change.

CEO, National Grid - Trustee Executive Limited

Muse has provided us with a comprehensive framework to help assess the effectiveness of our existing system of governance and to challenge our existing approach to risk management. With Muse’s guidance, we are expecting to see a number of improvements to our risk management framework which will put us in a strong position for when TPR’s Single Code comes into force. Muse has helped us to identify and resolve gaps in our governance structure underpinning our risk management framework. In particular, by aligning our risk management framework with our strategy, the Trustee Board is supported in achieving its objectives.

Head of Trustee Governance, DHL Pensions

Muse worked skillfully with the trustees, our advisers and our main Company contacts to help us review trustee board effectiveness and provide independent insights. Muse set their report in a strategic context for the scheme and it was evident Muse understood our unique challenges as well as comparisons to peer schemes. They framed proportionate views and made clear recommendations for actions that we are now taking forward. It has been a good piece of work, and worthwhile. It will help us work with the Company to make further progress on the scheme. The other trustees had not experienced an effectiveness review; they found it easy to work with Muse and engaged well with the trustee board’s discussion of the report findings.

Independent Trustee Chair, QinetiQ Pension Scheme

When we needed external facilitation for a strategy orientated governance review, Julia and her colleagues at Muse Advisory understood just what was required. As a result of their considerable sector knowledge and experience they were able to hit the ground running and work with the Trustees to achieve their objectives in an efficient and effective manner.

Chair of Trustees, Nationwide Pension Fund

We appointed Muse Advisory for our first external review of board effectiveness. It was undertaken independently by Muse in line with good practice under the UK corporate governance code whilst recognising we are a young organisation building the business for our LGPS shareholders. It was a thorough process but not at all disruptive, with strong involvement of Board, Executive and wider stakeholders. There was a lot of relevant feedback with useful ideas in the Muse report, with a clear presentation of the findings enabling us to discuss and agree the actions to take forward. Overall, it has been a comprehensive and insightful piece of work by Muse.

Chair, Border to Cost Pensions Partnership

Muse carried out an effectiveness review for both of our scheme trustee boards and ran a joint board workshop on the findings and helped our trustees agree actions. An external review and the workshop were ‘firsts’ for us, we wanted to get it right. We chose Muse because of their experience and independence. Their team were very skilled in helping our trustees take stock and reflect, challenging us to think about future effectiveness and bringing wider knowledge of trustee practice and corporate governance. Muse really delivered well on the work.

Pension and Benefits Partner, LV= Pension Trustee Limited

Helping Trustees and Companies to better govern their pension schemes

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