We advise on a wide range of pension matters, acting both for corporate sponsors (UK and non-UK) and for trustees.
Our work includes:
- establishing and operating all kinds of registered and non-registered UK pension schemes
- pension benefit change exercises
- pension fund deficits including funding valuation negotiations
- derisking solutions including the buy-in and buy-out of pension benefits with insurance companies, and the insurance of pension liabilities using collateralised asset swaps and longevity insurance contracts
- investment issues including implementation of liability driven investment strategies and funding via asset backed partnerships
- restructuring, merging and winding up of pension schemes
- pension aspects of acquisitions and disposals, flotations, privatisations, reconstructions and demergers including applications for clearance from the Pensions Regulator
- assisting employers in compliance with auto-enrolment duties under the Pensions Act 2008
- disputes involving pension schemes. We work in multi-disciplinary teams with lawyers from our Dispute Resolution group to form a Pensions Dispute Resolution practice
We also work closely with leading local counsel on cross-border pension issues and on the establishment of overseas pension schemes.
The team is excellent and they are able to provide a seamless service Chambers UK, 2017View all Pensions and Employment media comments
Our key experience includes advising:
Prudential Retirement Income on a group bulk annuity buy-in policy with the trustee of the Cable & Wireless Superannuation Fund for a premium of over £1 billion, covering approximately 5,000 members of the pension scheme.
RSA Insurance on the insurance of pension liabilities totalling £1.9 billion by entering into fully collateralised asset swap and longevity insurance contracts with Goldman Sachs and its subsidiary Rothesay Life.
GSK on the £0.9 billion bulk annuity buy-in agreement entered into by two of GSK’s pension schemes with Prudential.
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.
Marks and Spencer on their innovative master trust arrangement with Legal & General to comply with the auto-enrolment requirements.
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.
Unilever on changes to the Unilever UK Pension Fund, moving to career average and defined contribution pension benefits, affecting more than 5,000 active members.
INEOS in relation to the dispute at Grangemouth oil refinery which centred on proposed changes to the pension scheme.
Clients, including Marks and Spencer, Whitbread, Severn Trent Trustees, Philips, Deloitte Trustees, John Lewis and Diageo on funding their pension schemes by investments in asset backed partnerships.
Trustee of the Unilever UK Pension Fund in establishing the first Luxembourg based cross-border pension fund investment pooling vehicle and a further Luxembourg based investment vehicle investing in hedge funds.
Edinburgh Airport on the establishment of a new defined benefit registered pension scheme for 2,000 active members.
Listed and private company clients and trustee clients on scheme change exercises in relation to some of the UK’s largest pension schemes, including changes from defined benefit to defined contribution and modification of defined benefit.