Pensions and Employment
Our Pensions and Employment group is committed to helping clients absorb and respond to the unprecedented changes currently occurring in pensions and employment law and practice.
We advise on the impact of the Pensions Regulator’s extensive powers to compel employers and others to support pension schemes financially.
We help our clients:
- restructure their pension arrangements, when faced with final salary schemes that are no longer affordable
- respond to the continual overhaul of pensions taxation
- plan and execute pension scheme derisking solutions
- deal with disputes involving pension schemes. We work in in multi-disciplinary teams with lawyers from our Dispute Resolution group to form a Pensions Dispute Resolution practice
We have been at the forefront of thinking in relation to collective defined contribution (CDC) schemes (also known as collective DC schemes, defined ambition or target benefit schemes).
In the employment sphere, we achieve pragmatic solutions for our clients against a backdrop of constantly evolving employment law.
We also advise on the full spectrum of share schemes issues, from rollout and general operation to the impact of corporate transactions.
They are always on the issues. They are timely, precise and they find solutions. Chambers UK, 2016View all Pensions and Employment media comments
Our key experience includes advising:
GSK on the £0.9 billion bulk annuity buy-in agreement entered into by two of GSK’s pension schemes with Prudential.
Royal Mail in relation to strategic pensions and employment matters such as the sectionalisation of the Royal Mail Pension Plan and the transfer of approximately £30 billion of its liabilities to a new public sector unfunded pension scheme.
INEOS in relation to the dispute at Grangemouth oil refinery which centred on proposed changes to the pension scheme.
Marks and Spencer on its substantial contributions to its UK defined benefits pension scheme by an interest in a property-backed partnership, and on changes to benefits under that scheme, affecting 21,000 employees.
Uniq on the innovative "deficit for equity" swap developed to address the legacy funding shortfall of £436 million in the £1 billion Uniq plc Pension Scheme.
Edinburgh Airport on the establishment of a new defined benefit registered pension scheme.
Cambridge Silicon Radio (CSR) plc, a leading global provider of personal wireless technology, on the employment, pensions and share schemes aspects of the transfer of its handset operations to Samsung Electronics Co. Ltd.
Olympus Corporation in relation to a whistleblowing, unfair dismissal and race discrimination/harassment claim brought by its former CEO Michael Woodford.