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Advising a high profile UK group, with an overseas parent, on the "moral hazard" issues in relation to its three underfunded defined benefit pensions schemes
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Advising various Trustees in negotiations with employers in respect of significant pension scheme deficits, including grounding work on a unique funding and investment proposal with guarantee and escrow protections
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Acting for the Trustees of a £4 billion scheme in relation to the transfer of all scheme assets to a total of seven new investment managers, new custodian and advising on the transition agreement
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Advising on the merger of five final salary schemes into an existing defined benefit scheme and acting for the trustees of the resulting £2 billion pension scheme. Then acting for the trustees in the de-merger of the scheme, including advice in relation to the covenant of a new sponsoring employer for both of the resulting arrangements
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Acting for a plc in the corporate sale and reorganisation of seven final salary schemes
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Has formed investment products such as OEICs (open-ended investment companies), EUUTs (tax exempt mutual funds for professional investors), index funds and personal pension products
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Involved in Mineworkers Pension Scheme, two cases 1986 and 1987; Hillsdown Scheme 1994-99; British Telecom Scheme 1989 and 1995; ‘Edge’ case (Industrial Training Boards Pension Fund) 1995-99; and PIA (£12 bn pension mis-selling regime) 1994 – in all cases for successful parties
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Advising on mergers of pension schemes and drafting required documentation including merger agreements, project plans, member communications and statutory notices
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Drafting and advising upon updated or new scheme governing documentation including wholesale updates to scheme rules or modifications to benefit design along with accompanying ‘plain English’ commentaries
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Acting for numerous clients in relation to issues of funding. This work has ranged from putting in place parent company guarantees to advising on unique and innovative funding agreements involving multiple parties (pension scheme trustees, sponsoring employers, lenders and the Pensions Regulator)
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