Pensions Advisory

Unlike many of our competitors, our pensions advisory practice is more focused on corporates than on trustees. We regularly advise on key issues of funding negotiations, benefit changes, scheme closures and dealing with the Pensions Regulator.

We advise both sponsoring employers and trustees on all aspects of UK pensions law and practice including:

establishing and on-going management of pension schemes including scheme mergers and wind-ups;
scheme funding issues;
section 75 debt management, including "regulated apportionment arrangements" and "flexible apportionment arrangements";
scheme de-risking strategies including enhanced transfer value exercises, contingent assets, benefit changes and restructurings and collateralised contribution arrangements;
scheme investment strategies and implementation;
trustee duties, managing conflicts of interests and information sharing;
employee consultations and negotiations with employees and trade unions associated with changes in benefit provision;
automatic enrolment and related employer duties;
cross-border schemes in the European Union;
pensions taxation including conditions for tax relief in relation to registered pension schemes, the tax deductibility of pension contributions, the conditions for exemption on investment returns and the tax applicable to payments made by the pension scheme, including benefit payments; and
the treatment of contributions to overseas pension schemes including transfers to and from such schemes.

Recent work

Pernod Ricard S.A.

Advising Pernod Ricard S.A. in relation to systemic overpayments arising from administrative practices relating to the adjustment of pensions at GMP age. We advised on the conclusions to be drawn from the historic documentation, the options and risks and drafted a deed to augment benefits to the extent necessary to allow on-going payment of overpaid pensions at current levels.

Arkema France

Acting for Arkema, a global chemical company, in establishing a new defined benefit pension scheme following the corporate acquisition of speciality chemicals producer Bostik and the management of all related aspects including advising on trustee appointments, benefit queries and potential cross-border aspects and managing member and trade union communications.

Nationally renowned publisher

Advising on complex benefit restructurings in the light of regulatory changes to the definition of “money purchase” to reflect the company’s intended remuneration strategy. The changes we helped to formulate were part of a long-term strategy for better utilisation of the surplus in the pension scheme. We also advised on the merger of two UK defined benefit pension schemes for the group.

The trustees of the Pennon Group Pension Plan

Advising the trustees on benefit revisions sought by the employer which included a cap on pensionable pay, a change of accrual rate and an increase in the normal retirement age with options for members to purchase better terms by increasing pension contributions. We assisted the trustees in negotiating certain concessions on early retirement and death benefits, particularly in relation to the split normal retirement ages. We also advised on the application of section 67 of the Pensions Act 1995 to the benefit changes including the pensionable pay cap and the documentation of the changes.

Trustees on funding and security issues

Advising the trustees of a scheme sponsored by a leading provider of manufacturing, logistics and consultancy services on complex restructuring and funding proposals and obtaining clearance for the buy-back of shares in the sponsoring employer to be held in a special purpose vehicle for the benefit of the pension scheme.

Professional services firm

Advising the trustees of a scheme sponsored by a global professional services provider on the change of sponsoring employer including management of the section 75 debts. We have also advised on various technical issues such as the correct normal retirement date for the scheme, the correct method for calculating waiting period benefits and the application of “uniform accrual” in relation to waiting period benefits.

European outsourced service provider

Advising a market leading European outsourced service provider on managing its exposure to both private and public sector defined benefit pension schemes arising as result of its outsourcing activities. Highlights include advising on the management of section 75 debt liabilities by way of statutory “flexible apportionment arrangements” and advising on appropriate commercial protections in relation to public sector outsourcing contracts involving the Local Government Pension Scheme.

Group-wide pension scheme of a healthcare provider

Advising on the management of section 75 debts to clarify the statutory employers of the scheme following historic reorganisations and disposals.

Charities sector employer

Advising a charities sector employer that participated in a multi-employer defined benefit pension scheme on its funding obligations to the scheme in the context of legislative funding requirements and historic cost sharing arrangements agreed with other charities. We also advised on the use of escrow arrangements to fund the scheme.

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