Charles advises sponsors, trustees and insurers on corporate pension plans. His experience ranges from pension plan restructuring driven by M&A or insolvency, to funding and covenant negotiations on change of control, to derisking and plan closures.
Corporate pension plans combine uniquely the features of reputation sensitivity and financial risk in a legal context which is complex, highly regulated and where the positions of trustees, sponsors, shareholders, employers, unions, regulators and politicians need reconciling. Charles has extensive experience in this sphere, and in leading the multi-disciplinary adviser teams necessary, sourced from our financing, insurance, tax and dispute resolution groups.
Highlights:
- British Steel Pension Schemes – advised Tata Steel India and Tata Steel UK on the 2017 restructuring of the £13 billion BSPS, the biggest pension scheme restructuring in the UK, and subsequently on the full phased buy-in with Legal & General of the £7.5 billion new BSPS, the largest scheme in the UK to have secured full insurance
- Fortress – advised Oppidum Bidco Limited (Bidco), a company indirectly owned by funds managed or advised by affiliates of Fortress Investment Group, LLC, on its cash offer for Wm Morrison Supermarkets PLC announced on 3 July 2021, and the package of measures to support the Morrisons Pension Schemes to buyout agreed in principle with the trustees
- Asda Pension Scheme – advised Walmart Inc. on its £3.8 billion buy-out with Rothesay Life
- United Utilities pension schemes – advised United Utilities on the partial buy-in of c. £1.8 bn of liabilities with Legal & General
- USS – provided to the USS Trustee Board an independent report covering the conduct of Professor Jane Hutton, a former director of the USS Trustee Board
- INEOS Grangemouth – advised INEOS on the closure of its defined benefit pension plan at a site where Unite were the recognised trade union
- GKN – advised GKN plc on the pensions aspects of its defence against the hostile bid by Melrose Industries
Charles is a past Chairman of the Legislative & Parliamentary Sub-Committee of the Association of Pension Lawyers, and is a contributor to Weinberg & Blank on Takeovers and Mergers.
Charles is listed as a leading individual in Chambers UK and Legal 500 Directories.
“Charles Cameron – very client focussed, committed and commercial. Highly approachable and excellent bedside manner. Hugely enjoyable to work with.” Legal 500 2023
“Charles is a strong operator”. “He's a pragmatic, clear adviser, and he focuses on the central points at issue.” Chambers 2023
“Charles Cameron is the best I have ever worked with. His advice shows deep strategic thinking, a total understanding of pension law. When and how to bring other practices and how to co-ordinate the advice to develop an overall solution." Legal 500 2022