John Ralfe was the Boots Fund Manager who moved Boot's pension funding from equities to less volatile funds. He started a consultancy advising pension fund trustees and writes on pension topics. He has a very interesting article in todays FT FundManagement supplement which discusses the Penrose's findings on occupational pension fund trusteeship. Unluckily the on-line version needs a subscription but the version on John's own web site is available for simple registration.