21st Century Trusteeship

TPR’s 21st Century Trusteeship campaign reflects their aim to drive more uniformly high standards of scheme governance across pension trustee boards, with more intervention and use of enforcement powers. As part of this, TPR is publishing a guidance series over the coming months to help trustees know what good looks like.

Applying guidance can’t be a ‘one size fits all’ approach and there’s always a risk of box ticking. But in our view when increased trustee understanding and attention to good governance is proportionate and of value to the scheme, it does help better run a pension scheme.

This part of our site covers the TPR guidance areas, and related aspects that are worth commenting on, based on client experience. Of course, 21st Century Trusteeship is tightly intertwined with the ongoing discussion of Professional Trustee Standards. We recently submitted our consultant response to the Working Group, whose efforts we applaud in grappling with this challenging issue. Our response can be read here.


Who to Contact

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Lindsay Hawkins

My expertise is in Trustee governance and risk management. I help Trustee Boards and sponsoring employers ensure their governance is top-quality.

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What do you do?

I specialise in outsourced pensions management, trustee governance and effectiveness projects and help Trustees evaluate their executive resource needs.

What is your background?

I’m a Fellow of the Pensions Management Institute and been involved in managing pension funds for almost 20 years. Most recently as Head of Pensions & Benefits for Rexam PLC (a FTSE 100 company recently acquired by a US competitor, Ball Corp). Prior to that I held a pensions management roles in-house for Fujitsu Services and was Pensions Manager for Société Générale Corporate & Investment Bank. Going back even further, I worked in the consulting environment, primarily in outsourced pensions management roles.

What do you bring to Muse?

A lot of practical experience of how to run a pension fund well and get things done. Most of my in-house roles have involved dual aspects being both Head of Pensions/Pensions Manager for the sponsoring employer but also Secretary to the Trustee Board. I therefore understand, in depth, the business drivers for both sides and how to reach solutions which work for everyone. I work best by building good relationships, so enjoy creating teams where everyone understands the pension arrangements’ objectives as well as the strategy for getting there – which really helps Trustee Boards measure success.

What do you do for fun?

It may not be everyone’s idea of fun but my husband and I help out in our local church. Community is important to us both plus it’s great to have lots of friends locally when you lose your keys. Having a desk job means I like to be active whenever I have some free time so I’m a regular at my local gym, I love street dance, weights and yoga - but not all at once. I’ve also been on a lifelong quest to become a wine connoisseur but require much more practice.

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Barry Mack

I specialise in governance, trustee effectiveness, pension management (including administration) strategy and large change management projects.

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What do you do?

I am a Director of Muse Advisory and specialise in DB & DC pensions, governance (especially funding, investment and risk management), trustee effectiveness, outsourced pensions management, pension management (including administration) strategy and large pension change management projects. I particularly enjoy facilitating trustees to fully articulate their objectives and beliefs and, consequently, to be as effective as they can be.

What is your background?

I’m an actuary and have worked in governance, administration consulting and DC arenas at Mercer and Hymans Robertson. At Hymans Robertson I was a partner, Head of Governance, Risk Group chairman and DC Governance Committee chairman.

What do you bring to Muse?

More than 30 years of financial, pensions and business experience supported with strategic, technical and commercial skill, and a heavy dose of pragmatism.

What do you do for fun?

Bellringing, photography, Lego! And watching F1 with my two (now grown up) sons.

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Julia Land

My expertise is in trustee effectiveness and governance reviews, related work on succession, training, one-to-one feedback and facilitated Trustee workshops e.g. on review actions, on strategic planning. I have worked with over 90 boards in the past few years including many well-known pension schemes and more widely with FTSE companies and non-profit organisations.

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What do you do?

I’m a Senior Adviser at Muse. I work with boards advising on effectiveness and governance development.  Nowadays I focus on pensions organisations and have been doing this type of work with Muse since 2009, mainly with trustee boards of large, complex schemes.

What is your background?

I’ve been advising boards on effectiveness and board development for about 14 years and I’ve worked with a uniquely wide range of around 90 boards: pensions trustee boards, FTSE 100 and 250 plc boards, investment organisations, complex NHS groups, non-profits.

My earlier career was in investment at Deutsche Asset Management and UBS/Warburgs and in finance at Arthur Andersen & Co, in all those roles working closely with client boards.

I hold the PMI Award in Pensions Trusteeship and I’m an ICAEW Fellow. I’m an experienced coach and qualified on leadership development tools such as Myers Briggs.

What do you bring to Muse?

What I aim to bring is listening skills, proportion and a sense of humour.

What do you do for fun?

Mainly revolves around the outdoors, food and music. 

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Rosanne Corbett

I specialise in pensions and benefits governance, trustee effectiveness, workshop facilitation, change projects and risk management.

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What do you do?

My work is varied; from trustee board effectiveness reviews, implementation and embedding of risk management frameworks, advising on trustee objectives and long-term strategy and providing executive pensions support on an in-house interim or fully outsourced basis to reviews of the DC market and provider selection exercises, including master trusts. I’ve found being able to implement and embed the advice I provide from working in-house as an interim pensions/ governance manager to be challenging yet very enjoyable. I have provided corporate support in periods of change where no in-house pensions expertise existed and have integrated into existing in-house teams to provide hands-on support for business as usual activities and strategic projects. I have managed large-scale change projects on both sides of the fence, giving me a good perspective on trustee and company drivers and what success looks like.

What is your background?

I have worked in pensions and employee benefits since 1999. The majority of my career to date has been spent advising and supporting trustee boards and companies on good governance and how to manage risk. I started my career as an international employee benefits consultant at Mercer, helping multinational companies design and implement benefit structures. From there I moved to corporate strategy and developed a penchant for governance. I have worked with multinationals to introduce global governance frameworks and review how they manage benefit-related financial and operational risk globally.

From global, I moved to local and became heavily involved in UK-specific pensions and trustee governance and board effectiveness as the Pensions Act 2004 came into force. This then led me in 2010 to Muse Advisory. My passion is really about working with people and making things happen, be that trustees understanding their objectives and implementing a strategy to achieve them, to pension teams being able to deliver an excellent service, working in partnership with their trustee boards and advisers.

What do you bring to Muse?

My get up and go. I am quite a driven person and like to learn new things. I like to bring new ideas to my colleagues, clients and Muse. Mostly, I bring energy and passion - I genuinely love what I do.

What do you do for fun?

I love the outdoors, where you'll find me horse riding or walking my dog. My other passions are amateur astronomy and art, but I never seem to have the time to fit everything in.

I've also spent seven years as vice chair of a school governing body. Being a governor has made me appreciate the time and energy that trustees need to commit to do a good job!

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Muse Advisory helps trustees and companies to better govern and manage their pension schemes. We believe that good governance leads to improved outcomes for members; through better fund performance, effective and proportionate management of risk, value for money and cost efficiencies and strategic and dynamic decision making.

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