She is the daughter of a single mother, growing up in Illinois, who moved to Malaysia, then to business school and from there to Goldman Sachs. She describes rising to head up risk at Goldman Sachs’s asset management division, before her move to the Pension Insurance Corporation. She takes us through an explanation of the fast-evolving £2 trillion market for private defined benefit pensions and the surprising fact that only four countries in the world have had such schemes.

She then goes on to explain why companies and trustees increasingly recognise that managing the long term liabilities of their current and former employees’ pensions requires different skills from running their core business. Finally, Tracy reflects on being an American in the UK and offers advice for young women to be themselves and not to fit in somebody else's box.