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Muse Down Hall 269

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.

KM Final

Kate Maloney

Client Director
CD Final

Cindy Dadier

Head of Operations
Adam Chate

Adam Chate

Senior Consultant
EB Final

Emma Beard

Senior Consultant
KW Final

Katy Wilkinson

Consultant
AJB Final

Adam Barker

Project Manager
RP Final

Robert Plumb

Senior Associate
DN Final

Danuta Nott

Business Support Manager
Alan S Final

Alan Simpson

Financial Controller
Muse heads March 579 Edit

Geoff Francis

Senior Consultant
DJ F Inal

Daniel Jacobson

Principal Consultant
ER Final

Emma Rogers

Senior Consultant
MH Final

Margs Harvey

Business Administrator
PA Final

Paul Armitage

Head of DC
IM Final

Ian McQuade

CEO
Susan Sinclair March 2025

Susan Sinclair

Senior Consultant
CW Final

Claire Wallis

Consultant
TO Final

Tom Oakley

Consultant
EMR Final

Ellen Ratcliffe

Principal Consultant
Amanda Cullen V1

Amanda Cullen

Senior Associate
TK Final

Tammy King

Head of People
OD Final

Olivia Devereese

Project Manager
KEM Final

Katherine Milton

Principal Consultant
ADC Final

Adrian Cooper

Head of Market Engagement
Mark dallaway

Mark Dallaway

Senior Associate
A JM Final

Auline-Jean Melbourne

Associate
S Murdoch Headshot

Stuart Murdoch

Consultant
TB Final

Tony Brown

Consultant
HB Final

Hana Bailey

Senior Consultant
RC Final

Rosanne Corbett

Director
PV Final

Pamjit Virdi

Senior Consultant
KJ Final

Kneale Jefferis

Administrator
Sharon Hine

Sharon Hine

HR & Business Support Administrator
Ryan P Final

Ryan Perrin

IT Support Apprentice
CC Final

Clare Chilton

Consultant
JF final

Jo Fellowes

Director
RC

Robyn Cowan

Senior Consultant
AS Final

Antonella Sferrino

Associate
RE Final

Reece Eley

Junior Consultant

Testimonials

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 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 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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