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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.

TB Final

Tony Brown

Consultant
RC

Robyn Cowan

Senior Consultant
OD Final

Olivia Devereese

Project Manager
Muse heads March 579 Edit

Geoff Francis

Senior Consultant
S Murdoch Headshot

Stuart Murdoch

Consultant
KEM Final

Katherine Milton

Principal Consultant
CW Final

Claire Wallis

Consultant
RE Final

Reece Eley

Junior Consultant
Ryan P Final

Ryan Perrin

IT Support Apprentice
Mark dallaway

Mark Dallaway

Senior Associate
IM Final

Ian McQuade

CEO
AS Final

Antonella Sferrino

Associate
Sharon Hine

Sharon Hine

HR & Business Support Administrator
DJ F Inal

Daniel Jacobson

Principal Consultant
CC Final

Clare Chilton

Consultant
KJ Final

Kneale Jefferis

Administrator
RP Final

Robert Plumb

Senior Associate
Alan S Final

Alan Simpson

Financial Controller
KW Final

Katy Wilkinson

Consultant
Amanda Cullen V1

Amanda Cullen

Senior Associate
DN Final

Danuta Nott

Business Support Manager
TO Final

Tom Oakley

Consultant
HB Final

Hana Bailey

Senior Consultant
ER Final

Emma Rogers

Senior Consultant
PV Final

Pamjit Virdi

Senior Consultant
ADC Final

Adrian Cooper

Head of Market Engagement
RC Final

Rosanne Corbett

Director
JF final

Jo Fellowes

Director
KM Final

Kate Maloney

Client Director
Susan Sinclair March 2025

Susan Sinclair

Senior Consultant
A JM Final

Auline-Jean Melbourne

Associate
PA Final

Paul Armitage

Head of DC
Adam Chate

Adam Chate

Senior Consultant
TK Final

Tammy King

Head of People
EMR Final

Ellen Ratcliffe

Principal Consultant
MH Final

Margs Harvey

Business Administrator
EB Final

Emma Beard

Senior Consultant
AJB Final

Adam Barker

Project Manager
CD Final

Cindy Dadier

Head of Operations

Testimonials

Muse run very bespoke, organised and professional selection exercises. We enjoy working with Stacy and the team as their independence encourages sharing of information and a strong working relationship.
Head of DC Sales, Legal & General
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
Muse took over as a fully outsourced pensions department on the retirement of our long-standing Pensions Director. We were concerned about losing Scheme knowledge, acquired over many years, but we have been delighted with Muse’s work. Their team approach mitigated our key man risk and, throughout their time with us, they have been reliable and professional, always keeping the regular business-as-usual cycle moving as well as helping us navigate more sensitive issues. The chemistry is good and they work as though they are our in-house pensions department. We appreciate their thoroughness and professionalism and feel well-supported in all areas of work.
Chairman of the Trustee Board, Xerox Pension Scheme

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