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Musings

Muse Down Hall 558

Concentration risk in trustee services

28 Sept 2026

Musings

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.

Private markets in UK pension defaults

28 Sept 2026

Musings

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.  

AI governance

28 Sept 2026

Musings

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.

Roundtable: The Evolving DC Landscape

30 Jul 2026

Musings

We brought together Heads of Pensions, Trustees, and specialists from legal, communications and beyond to discuss the evolving DC landscape focusing on three key topics: consolidation, default retirement and targeted support.

It’s Good to Talk. Isn’t It?

23 Jun 2026

Musings

A certain advertising strapline once said, ‘It’s Good to Talk’. And it is. But when it comes to pensions administration, it’s more of a case that we need to talk and especially when it comes to scams. We need to talk about how we talk to members and the language we use not only to improve the member experience generally, but also very specifically to limit the risks of members being scammed.

From compliance to capability: The next phase of Pension Scheme Governance

23 Jun 2026

Musings

The recent TPR Talks discussion on raising standards of trusteeship and governance reignited an important debate across the pensions industry: what does 'good governance' actually look like in practice? Governance spans a wide spectrum of matters from endgame strategy, risk management, cyber security, business continuity, third-party supplier oversight, data quality to AI governance. Trustees are expected to manage pension-specific risks and all the operational risks that could materially impact members and scheme operations. Operational risk management in a highly outsourced model deserves its own article!

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