Market Musings September 2025

What Tolstoy can teach us about pension governance

How can Tolstoy’s timeless wisdom help modern pension schemes navigate complexity? In this latest Market Musings, we examine what makes pension governance truly effective by comparing happy and less successful schemes through the lens of collaboration, trust, and clarity of purpose. Drawing on first-hand experience and timely examples, we explore the evolution from traditional consulting models to more dynamic, collaborative committee structures.

Understanding these shifts is vital as governance models mature and new regulations shape the selection and oversight of fiduciary managers. Whether you’re a trustee, sponsor or adviser, this article offers practical reflections on fostering effective decision-making and what happens when collaboration breaks down.

Discover our practical recommendations and learnings from the field

What tolstoy can teach us Read more about our Fiduciary management services

The authors

Patrick Race

p.race@vanlanschotkempen.com

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Disclaimer
This is a marketing message. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance provides no guarantee for the future. This press release does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not a recommendation to perform or refrain from performing any action. Van Lanschot Kempen Investment Management (UK) Ltd is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 166063).

There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.

Van Lanschot Kempen Investment Management (UK) Limited is registered in England & Wales with registration number 02833264. Registered office at 20 Gracechurch Street, London, EC3V 0BG Tel: +44 (0)20 3636 9400. Van Lanschot Kempen Investment Management (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 166063.