Pensions and Employment

Our key experience includes advising:

HM Treasury on the pensions, share schemes and employment law aspects of the taking into temporary public ownership of Northern Rock and parts of Bradford & Bingley and the recapitalisation of a number of major UK banks and the Dunfermline Building Society.

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 pension matters such as HM Government's proposal to sectionalise the Royal Mail Pension Plan and transfer approximately £30 billion of its liabilities to a new public sector unfunded pension scheme, and before that on its closure of the Plan to new joiners and negotiations with its trustees over the Government’s investment in the Royal Mail and the Post Office (under which £1 billion was placed in escrow as security for the Company's pension obligations).

Shire on the redomicile of the parent of the Shire Group to Jersey and of tax residence to the Republic of Ireland, advising on the employment law implications and the effect on existing share schemes and establishing four new schemes.

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.

Arsenal on the appointment of its new Chief Executive Office and other senior executives; working with the new executive team to evolve and implement appropriate working practices.

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.

Gatwick Airport on the establishment of a new defined benefit registered pension scheme for 2,000 active members.

Barratt Developments Group on the establishment of new executive and savings-related share option schemes.