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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.

TB Final

Tony Brown

Consultant
Ryan P Final

Ryan Perrin

IT Support Apprentice
Sharon Hine

Sharon Hine

HR & Business Support Administrator
DN Final

Danuta Nott

Business Support Manager
PV Final

Pamjit Virdi

Senior Consultant
RP Final

Robert Plumb

Senior Associate
KEM Final

Katherine Milton

Principal Consultant
AJB Final

Adam Barker

Project Manager
RC

Robyn Cowan

Senior Consultant
Mark dallaway

Mark Dallaway

Senior Associate
Amanda Cullen V1

Amanda Cullen

Senior Associate
CD Final

Cindy Dadier

Head of Operations
Alan S Final

Alan Simpson

Financial Controller
DJ F Inal

Daniel Jacobson

Principal Consultant
TO Final

Tom Oakley

Consultant
Adam Chate

Adam Chate

Senior Consultant
Susan Sinclair March 2025

Susan Sinclair

Senior Consultant
OD Final

Olivia Devereese

Project Manager
MH Final

Margs Harvey

Business Administrator
AS Final

Antonella Sferrino

Associate
IM Final

Ian McQuade

CEO
HB Final

Hana Bailey

Senior Consultant
S Murdoch Headshot

Stuart Murdoch

Consultant
EB Final

Emma Beard

Senior Consultant
RC Final

Rosanne Corbett

Director
KM Final

Kate Maloney

Client Director
CC Final

Clare Chilton

Consultant
ER Final

Emma Rogers

Senior Consultant
ADC Final

Adrian Cooper

Head of Market Engagement
PA Final

Paul Armitage

Head of DC
RE Final

Reece Eley

Junior Consultant
CW Final

Claire Wallis

Consultant
KJ Final

Kneale Jefferis

Administrator
TK Final

Tammy King

Head of People
Muse heads March 579 Edit

Geoff Francis

Senior Consultant
JF final

Jo Fellowes

Director
EMR Final

Ellen Ratcliffe

Principal Consultant
KW Final

Katy Wilkinson

Consultant
A JM Final

Auline-Jean Melbourne

Associate

Testimonials

Muse bring a helpful and experienced objectivity to projects which helps guide the Trustee Board through some important decision making with pace.
Former Head of Marks & Spencer Pension Trust, Marks & Spencer Pension Trust Limited
We appointed Muse to step in when our long-standing Pensions Manager announced his retirement. Their team managed to get up to speed quickly, complete an effective handover and ensure our day-to-day business continues to run, whilst at the same time helping us select, appoint and transition to a new administrator. Muse has become a key part of our team, coordinating activities across advisers. The Muse team has spotted opportunities to bring governance and market insight into the day to day management of our schemes. We feel we are in good hands and, importantly, enjoy working together.
Independent Chair of Trustees, John Laing
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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