Practice areas

Assuming responsibility for the pensions of a company's employees and former employees is a heavy burden.  All plans need thoughtful and careful management but defined benefit schemes in particular have their own problems.  The management of funding deficits in a difficult economic environment is a key task for many trustee boards, and may require them to face tough negotiations with their corporate management.  The need for good governance and a clear understanding of the role and duties of trusteeship has never been greater.

We advise trustees of large and medium schemes on all aspects of their responsibilities, including:

• their legal duties, generally and in the context of particular powers and discretions they may have under their trust deed and rules or legislation, including duties owed to the employer;
• the requirements for trustee knowledge and understanding;
• the management and implications of conflicts of duty;
• employer covenant monitoring;
• the powers and expectations of the Pensions Regulator;
• the use of sub-committees and delegated decision making;
• using advisers, fund managers and administrators; and
• winding-up pension schemes.

We also advise scheme sponsors in managing their relations with trustees:

• the composition of the trustee board, including member-nominated trustees, independent trustees and selecting company appointees;
• information sharing with trustees;
• effective consultation and negotiation and the use of joint working parties; and
• challenging trustee misconduct.