Naomi L’Estrange

Co-Chief Executive

Alternative capital • complex stakeholder relationships
member cases • defined contribution (DC) • PPF • risk transfer

Naomi L’Estrange

Naomi is our co-chief executive and also serves as one of our professional trustees. With over 25 years’ experience working in pensions, and pensions law, Naomi has built up a formidable reputation in the industry.


Joining us in 2014 (when we were formally known as 20-20 Trustees), Naomi led our Nottingham team, before becoming managing director in 2019.

Naomi began her career at Herbert Smith Freefalls, spending 10 years there as a pension lawyer. This saw her advising a range of clients, before being seconded to the government to advise on the establishment of the Pension Protection Fund (PPF), and the moral hazard provisions of the Pensions Act 2004.

Naomi then worked for the Pension Protection Fund (PPF) as its inaugural director of legal, leading the team advising on the world’s first risk based levy, international insolvency litigation and a multi-billion investment portfolio. Subsequently, as director of strategy and policy and a member of the executive committee, she was responsible for negotiation with government and the EU on pension policy as well as overall strategy for the PPF.

During her career, Naomi has built up a very broad experience of issues affecting pension schemes of all sizes, funding positions and covenant strengths. She’s been involved with ongoing financial negotiations, complex investments and asset backed funding, benefit structures and equalisation, liability management, distress and employer debt, wind ups and buyouts, both inside and outside the PPF and the PPF levy.

Naomi specialises in bringing parties together in robust, constructive and good-humoured communication to improve outcomes for members and employers alike. She is passionate about all matters regarding environmental / sustainability / biodiversity, both in work and out, and has been actively driving change in pension trusteeship and the broader pensions market on this topic.

Away from work, Naomi is a keen vegetable grower who is trained to help new growers – so feel free to ask for tips! For eight years she was a trustee of Garden Organic, a national charity whose patron was the now King Charles.


Accredited Professional Trustee (PTPMI), Law degree, Masters in European Law, Certificate in Advanced Management, trained Executive Coach, Trustee of the Year at the Women in Pensions Awards (2018), appointed to the Advisory Board of the Financial Reporting Council.

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