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Employment and Benefits

UK: recent experience

Our recent work includes: 

  • We have advised the Trustee of the ICI Pension Fund on a sequence of buy-ins, including the UK’s largest buy-in deal, structured as two separate transactions with different insurers, negotiated on a single timetable. Our groundbreaking work for this client includes structuring the first ‘framework’ approach to buy-in contracts, to allow further tranches of liabilities to be added cost-effectively at a later date. Our innovative legal technology helps our client save time and money, and ensures that the trustee can transact easily and efficiently: it has now secured eleven tranches (£ 9bn) of liabilities.
  • We advised the Trustee of the BT Pension Scheme on its £16bn longevity swap – another record-breaking deal, and one which included a market first in helping the Trustee establish a captive insurer to access the reinsurance market.

  • We advised the trustee of a FTSE100 company on a £400m structure replacing pre-existing guarantees with surety bonds – a new technique in alternative funding. 

  • We devised an entirely novel solution for the pensions aspects of the Ministry of Justice’s Transforming Rehabilitation Programme, without which this significant project (involving assets and around £8bn of liabilities across 35 local authority funds) could not have proceeded.

  • We advised Prudential in a high profile dispute over pension increases, including an application for directions to the High Court as a result of which our client's approach was approved.  

Dana Burstow

United Kingdom DanaBurstow

Neil Bowden

United Kingdom NeilBowden

Jane Higgins

United Kingdom JaneHiggins




Our Pensions Disputes practice

Pensions Group

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