Pensions
Persistent funding volatility in pension plans, increased regulatory focus and constant legislative change are keeping pensions high on the corporate agenda, resulting in evolving challenges for trustees and plan sponsors.
We have extensive experience advising corporate sponsors, trustees and insurers on the full range of pension issues, from plan inception, through valuation negotiations, funding solutions, investment issues, dealing with the Pensions Regulator, benefit changes, disputes, plan restructurings and de-risking to plan closure.
We are recognised as one of the leading UK pensions firms, acting in relation to a number of the largest pension plans in the UK, and working on complex and innovative pensions projects.
- Our lawyers are multi-specialists, working across what would be traditional dividing lines in other law firms. This makes for pensions lawyers who can join the dots, see the wider picture, and think laterally, working in efficient, partner-led teams.
- Our work with clients on some of the most complex and innovative pensions projects is facilitated by our cross disciplinary approach, working in integrated teams with specialist colleagues from across the firm. For example, our cross practice Pensions Derisking Group is at the forefront of derisking developments, including buy-ins and buy-outs, where we have advised on 4 out of the 10 biggest transactions in the UK, longevity swaps and reinsurance and innovative derisking and funding structures.
- We are leaders in innovative pensions thinking. For example we are currently working with Royal Mail in developing, in collaboration with its unions, its proposed collective money purchase plan (CDC) and the required new legislative framework.
- We have deep expertise advising on industry-wide plans (Railways, Electricity, Water), and in working on benefit re-designs and plan closures, particularly where workforces are unionised.
- Our Contentious Pensions team brings together leading pensions and litigation practitioners to provide our clients with unrivalled expertise and experience in the contentious pensions sphere.
Key experience
Advising Tata Steel UK on the full buy-in of the British Steel Pension Scheme, achieved by phased buy-ins with Legal & General totalling £7.5 billion of liabilities. BSPS is the largest scheme in the UK to have secured full insurance.
Advising the Trustees of the BT, Marks and Spencer and Ford pension schemes in relation to their application for a judicial review of the UK Statistics Authority’s decision to align RPI with CPIH from 2030. This was a critical “test” case as the changes to CPI will have a hugely significant impact on all UK defined benefit schemes.
Advising Railways Pension Trustee Company, the trustee of the industry-wide Railways Pension Scheme, on the whole range of trustee matters, including liability transfers on franchise changes, valuation issues, exercise of trustee discretions, scheme wide and section specific rule changes and dispute resolution.
Advising E.ON on a complex benefit re-design making future service changes to the E.ON group in the industry-wide Electricity Supply Pension Scheme, including design and delivery of the changes, coordinating information and consultation exercises and union and member ballots and scheme documentation.
Advising Daily Mail and General Trust on negotiations with the trustees of the £3.2bn Daily Mail pension schemes to reach agreement on mitigation measures in connection with a take private transaction and associated special distribution to all shareholders.
Our experience in advising corporate sponsors, trustees and insurers on all types of pensions matters means we appreciate each party’s objectives and are sensitive to the responses of different stakeholders. This enables us to anticipate issues, manage legal and reputational risk and find workable solutions, being innovative where appropriate, resulting in practical, commercially aware advice. We aim to see from our client’s perspective at all times.
key Contacts
Exceptional pensions lawyers who have the ability not just to communicate complexity clearly, but to provide strategic guidance to find a way through difficult challenges. Legal 500