Pensions

Pensions in the UK has a long history, and it is a history of change.

Many occupational pension funds have been running for decades, and many will run for decades more. Yet law, regulation and the market have changed almost beyond recognition and pensions remains one of the most rapidly developing sectors. This has led to countless new options and challenges for trustees, employers and pension fund members, as well as for those entering into transactions involving pension funds.

We understand the wide range of information and advice you need to navigate today’s environment. We are at the leading edge of innovation in pensions law and practice. Our longstanding clients include many of the UK’s largest pension funds as well as major employers, and we have partnered and guided them through change after change. We keep track of what’s on the horizon and engage with policy-makers and industry players. This enables our clients to predict and manage new risks and opportunities with confidence.

Pensions is a highly complex and technical field and the financial risks are significant. Clients need to know that their advisers have the right experience and expertise and won’t compromise on quality. But we understand that you also need advice that delivers real value - practical and commercially strategic solutions, provided in a straightforward and efficient way. And you need advisers who are as committed to your goals as you are.

This is the combination that we provide. We have one of the largest pensions practices in the City, and pensions clients are priority clients across our firm. We seamlessly encompass all the technical legal specialisms you need, including investment funds, derivatives and structured products, financial services and markets, corporate finance, private equity, finance, tax, employment, outsourcing and commercial contracts, data protection and dispute resolution. Our experienced and talented multi-specialist teams ensure that you get the clear answers and options you need to help you to plan and make decisions. You can meet our lawyers as you explore our site and find out about the different types of work we have done and can do for you.

One thing that is certain about the future of pensions is that there will be more change. This will affect different clients in different ways – depending on your own circumstances, goals and strategies. We will stay firmly at the forefront of pensions, so that we can help you to predict and plan for the future of pension provision.

We are leaders in the field of diversity & inclusion in pensions. For more information see our diversity & inclusion page.

Industry Recognition

Legal Directories

Tier 1 Pensions (non-contentious), Legal 500

Band 1 Pensions, Chambers and Partners

Many of our lawyers are also highly ranked in the Legal 500, Chambers and Partners and Who's Who Legal directories.

Industry Awards

Pensions Law Firm of the Year 2025, Pensions Age Awards

Impact on Society 2022, Pensions Management Institute (PMI) Pinnacle Awards

Pensions Lawyers of the Year 2021, UK Pensions Awards

Diversity and Inclusion Excellence Award 2021, UK Pensions Awards

Pensions Law Firm 2021, Pension & Investment Provider Awards

Diversity Award 2021, Pensions Age Awards

Diversity and Inclusion Excellence Award 2020, UK Pensions Awards

Adviser of the Year 2020, Professional Pensions Rising Star Awards

Highly Commended Diversity and Inclusion Excellence Award 2019, UK Pensions Awards

Diversity and Inclusion Excellence Award 2018, UK Pensions Awards

Highly Commended Pensions Law Firm 2018, Pension & Investment Provider Awards

Pension Lawyers of the Year 2016, UK Pensions Awards

Advising the Trustee of the British Steel Pension Scheme in connection with a series of insurance transactions which have resulted in all scheme liabilities being insured with Legal & General, taking total buy-ins to £7.5bn and making it the largest pension scheme to reach full insurance
Acting for Stena Line Limited as a representative employer in the litigation and settlement of complex historical benefit issues in the industry-wide Merchant Navy Ratings Pension Fund. Described in court as one of the most complex pensions settlements ever, the resolution of the proceedings provides closure and greater certainty for employers and members and for the future administration and funding of the scheme
Advising the Trustee of the Clara Pension Trust (as conflicts counsel, advising alongside CMS) on the appointment of Kempen Capital Management as its fiduciary manager, as part of a joint investment strategy on behalf of both the Trustee and Clara-Pensions
Advising Laura Ashley on pensions and other aspects of refinancing, restructuring and administration
Advising the trustees of the Arcadia Group Pension Schemes on new funding and security arrangements in connection with company voluntary arrangements (CVAs) for group companies
Advising British American Tobacco on a buy-in of the British American Tobacco UK Pension Fund insuring £3.4 billion of liabilities with Pension Insurance Corporation. The agreement secures the benefits of 10,600 members (8,300 pensioners and 2,300 non- pensioners). It is the third largest transaction in the UK to date and is the largest ever including both pensioner and deferred members. We subsequently advised on a further buy-in of approximately £400m of additional liabilities
Advising the Nortel Networks UK Pensions Trust Ltd on a £2.4 billion PPF-plus buyout for the Nortel Networks UK Pension Plan with Legal & General, allowing the Plan to exit its 10 year PPF assessment period. We subsequently advised on a further buyout, bringing the total value of transactions between the Plan and Legal & General to over £2.5 billion
Acting for the trustee of the British Steel Pension Scheme on separation from Tata Steel through a 'regulated apportionment arrangement' and setting up a replacement scheme offering members an alternative to PPF compensation
Advising the MGN pension schemes (within the Trinity Mirror Group, now Reach Plc) on a novel three-scheme merger

Advising the ZF UK (formerly TRW) Pension Plan on its £3.5bn liability management exercise, including a £2.5bn buyout with Legal & General
Advising the Trustees of the Lehman Brothers pension scheme on all aspects of the bank's insolvency including PPF assessment, the Financial Support Direction litigation (up to the Supreme Court) and on the settlement and buyout to secure all member benefits in full
Acting for the Willis pension scheme in relation to the $18bn Willis Towers Watson merger
Advising Nikkei on pensions issues arising in Nikkei's £884m acquisition of the Financial Times
Advising the Pensions Infrastructure Platform (PiP) established by PLSA and certain leading UK pension funds to encourage more UK infrastructure investments
Advising GLIL Infrastructure LLP in relation to its further fund-raising round, which has increased its total deployable capital to £1.275bn
Advising the Vodafone Group Pension Scheme on its merger with the Cable & Wireless Worldwide Retirement Plan, including the transfer of nearly £2bn of investment products
Advising the Scottish and Newcastle Pension Plan (sponsored by Heineken) on a £2.4bn longevity hedge transaction
Advising the trustees of the AXA UK Group Pension Scheme, as conflict counsel in relation to its £2.8bn insurance-wrapped longevity hedging transaction
Advising the Association of British Insurers on the creation of the "Pensions Dashboard", the new digital initiative promoted by HM Treasury
Advising the Pension Protection Fund in relation to the outsourcing of its middle and back office investment management functions
Representing Stena Line Limited in proceedings in the High Court and the Court of Appeal which brought about new funding arrangements for the industry-wide Merchant Navy Ratings Pension Fund

Industry appointments

We actively participate in a range of industry bodies and working groups.

The Legislative and Parliamentary Sub-Committee, the Investment Sub-Committee, the Covenant and Finance Sub-Committee, the Tax Sub-Committee, the Special Working Group on Brexit, the Communications Sub-Committee and the Education and Seminars Committee of the Association of Pension Lawyers (APL)
Industry Working Group on GMP Equalisation
CBI Pensions Panel
The DC Governance Group
Council, Legislation Committee, Covenant Committee, Defined Contribution Committee and Defined Benefit Committee of the Society of Pension Professionals (SPP)
Committee of the London Group of the Pensions Management Institute (PMI)
Pensions and Lifetime Savings Association (PLSA) Legal Panel
PLSA Diversity External Advisory Board
Pensions Policy Institute (PPI) Council
PPI Governance Committee
(PASA) Cross-Industry GMP Equalisation Working Group
PLSA Central London Group Committee
Institute and Faculty of Actuaries member interest group for bulk annuities and longevity swaps
British Private Equity and Venture Capital Association Regulatory Committee
Alternative Investment Management Association OTC Derivatives Working Group
Invest Europe (formerly EVCA)
Various sub-committees of the Financial Markets Law Committee (FMLC)
International Capital Market Association (ICMA)
Various sub-committees of the International Swaps and Derivatives Association (ISDA)
The Automatic Enrolment Intermediaries Forum
Tax sub-committee of the GMP Equalisation Working Group
IPEBLA organising committee