Pensions
Highlights include advising:
Airborne Systems Limited
Airborne Systems Limited on an enhanced transfer value offer to members of the Airborne Systems Pension Scheme and the buy-out of all remaining pensions in the Scheme. The transaction involved a number of inter-related financing arrangements and required rapid implementation to take advantage of favourable market conditions.
EMI Group
EMI Group in relation to the negotiations concerning the funding of the £950m EMI Group Pension Fund. The case was settled the week before it opened before the Determinations Panel of the Pensions Regulator. The issues provided a significant understanding of the Pension Regulator's future approach in relation to funding and affordability with particular reference to private equity structures.
IMG
In relation to an application to the High Court for directions on the proper administration of the IMG Pension Plan following the conversion of the pension scheme from defined benefit to defined contribution and related subsidiary claims. The case reported as HR Trustees v German is one of the leading pensions cases of recent years, addressing key issues on the interpretation and exercise of scheme amendment powers and the requirements for contractual variations of pension benefits. The firm also acted for IMG in Court of Appeal proceedings where the Court overturned the High Court decision that Section 91 of the Pensions Act 1995 would operate to prevent the court-approved compromise of a bona fide pensions dispute.
Pernod Ricard
Pernod Ricard on the successful conclusion of funding negotiations with regard to the Allied Domecq Pension Fund. The work required a combination of technical advice, market knowledge and an appreciation of more general legal and commercial issues.
TPG
TPG on the pensions aspects of its $5.2bn acquisition of IMS Health and on subsequent scheme management issues.
Trustees of Royal Doulton Pension Plan
The Trustees of the £200m Royal Doulton Pension Plan regarding its entry into the Pension Protection Fund. The work has involved devising solutions to a number of novel legal and practical matters.
PENSIONS BROCHURE
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"Macfarlanes LLP 'responds promptly to any queries and stands up for the interests of its clients'...Head of the pensions group Hugh Arthur has an enviable market reputation, as does Jane Marshall. Camilla Barry is also held in high esteem."
The UK Legal 500 2011
"This practice is noted as being 'very keen to help' clients. Its team...covers a range of work, including straight advisory and transactional matters. The team is 'happy to fight the trustees' corner in negotiations'."
Commercial Awareness "They were very clear in a complex area. It helps when people can talk to you in layman's terms."
Chambers UK 2012