Pensions

The firm has immense expertise in pensions law and related areas including investments and banking. The firm provides a complete pensions service, including preparation of legal documents, legal advice, information about developments in pensions law and pensions training.

We provide support to trustees on their response to the challenges caused by disruptions to service and economic volatility, in addition to carrying out scheduled actions identified in their business plans.

Pension plans hold large amounts of member data, much of which is sensitive or financial. As the legal obligations in respect of data protection ramp up and the threat of cyber-attacks increase, we help clients navigate the legal and practical minefield. Working closely with our data protection specialists, we help clients ensure compliance with the General Data Protection Regulation (GDPR), guard against data losses and react appropriately to any data breaches.

We provide support to pension schemes and other institutional investors against a backdrop of increasing governance and disclosure requirements, and mounting pressure from member action groups. We regularly deal with drafting and reviewing ESG and responsible investment policies, advising on fiduciary duties and ESG litigation/shareholder engagement.

Investment decisions are a fundamental part of the pension trustee role. Corporate sponsors also have an interest in managing investment risk, as they bear the ultimate cost of poor supervision, low returns and unexpected liabilities. One of the key ways in which trustees can minimise risk is to ensure that expert legal advice is taken before entering into any investment agreements – this is not only to negotiate better terms and demonstrate the proper discharge of trustees’ fiduciary responsibilities, but also to offer protection if things go wrong. The courts have repeatedly shown little sympathy for institutional investors who do not understand their obligations because they have failed to take advice on investment documentation.

Within our market-leading Pensions Practice, we advise on all asset classes and strategies, handle buy-in/buy-out and other de-risking work, and help to secure member benefits, whether for ongoing pension plans or those in the process of winding up.

Apart from day-to-day pensions work for local authorities and employers, we advised the UK government on the reform of LGPS investment regulation and on options for achieving cost savings through collective investment vehicles. This advice culminated with a new prudential regulatory framework in 2016, which removed artificial constraints on asset allocation. We have provided advice to almost half of the 89 LGPS funds in England and Wales before and during their structuring of new pooled investment solutions, working with colleagues in financial services, procurement and tax.

We start from the premise that prevention is better than cure. Therefore, we regularly advise on risk management strategies, including the design of internal control procedures, conflict of interest issues and on protections available to trustees and corporate sponsors should things go wrong.

If they do, our pensions disputes team – made up of contentious and non-contentious lawyers – is on hand to assist. Disputes are by their nature fact-specific, so they require bespoke solutions, taking into account commercial and financial constraints and the possibility of reputational damage to a business, a pension plan or an adviser. We work with clients to handle complaints and guide them through mediation, litigation or regulatory processes if this becomes necessary.

We have specialist expertise dealing with member complaints, documentation mistakes/ambiguities, trustee liabilities, professional negligence claims, investment claims and The Pensions Regulator interventions.

Sponsors of defined benefit pension plans continue to grapple with the cost and risks associated with these arrangements. Meanwhile, trustees are expected to adopt an integrated risk management approach. We help clients implement risk management strategies and find efficiencies within their pension arrangements. Whether as part of a long term journey plan or an isolated project, our experts bring a wealth of experience including funding and security arrangements, enhanced transfer and commutation exercises, pension increases exchanges, plan restructurings, and investment solutions via Liability Driven Investment programmes, longevity swaps and buy-ins/buy-outs.

We provide assistance for multinational employers on all aspects of pensions and related benefits for individuals and corporates. We advise on all aspects of international benefits, whether relating to plan structures, risk, governance, corporate activity or investment issues.

Working closely with our Tax Strategy & Benefits and Labor & Employment teams, we offer expertise in helping trustee boards, corporate sponsors and public service bodies manage pension plan change. We are experienced in developing and advising on the implementation of alternative, tax-efficient compensation structures and guiding employers through automatic enrolment duties.

We regularly advise clients on interactions with The Pensions Regulator. This includes where a sponsoring employer is undertaking corporate activity, where a pension plan valuation is under discussion or in the unfortunate event of a breach of the law. Equally, we have expertise in advising on financial services authorisation and perimeter issues for trustees and local authorities.

We have provided an independent trustee service through The Trustee Corporation Limited for more than 30 years – some of these plans have been at the forefront of innovative practices.

We support our clients with the strategically important hot topics that they face, as and when they happen. Currently clients are looking for support on areas such as Brexit, de-risking exercises, data protection compliance, cybersecurity and contracts with third parties.