Pensions

Our key experience includes advising:

Ineos in relation to pension issues at Grangemouth oil refinery.

HM Treasury on pension issues in connection with Northern Rock, which was taken into temporary public ownership in February 2008.

Royal Mail in its negotiations with its pension trustees over the Government’s investment in the Royal Mail and the Post Office (under which £1bn was placed in escrow in favour of the pension scheme) and on its consultation over changing the terms of its defined benefit pension scheme.

United Utilities on the demerger of its section of the Electricity Supply Pension Scheme, on the sale of United Utilities Electricity Limited.

Akzo Nobel on the UK pension aspects of its offer for ICI and related disposals.

Trustee of the Unilever UK Pension Fund in establishing the first Luxembourg based cross-border pension fund investment pooling vehicle and a further Luxembourg based investment vehicle investing in hedge funds.

Marconi (now telent) on the pension aspects of the sale of a substantial part of its business to Ericsson, including the establishment of a £490 million escrow account, and on its subsequent takeover by the Pension Corporation, including advice on the Pension Regulator’s appointment of independent trustees.

Trustees of Severn Trent Pension Scheme on the restructuring of the pension scheme including the addition of a number of new defined benefit and defined contribution sections and the subsequent demerger of Biffa.

Permira on the pension aspects of its proposed bid for WH Smith.

Marks and Spencer on the pension aspects of its successful defence against the proposed bid from Philip Green and on its substantial contributions to its UK defined benefits pension scheme by an interest in a property-backed partnership.