Investments: We have significant experience advising pension schemes on all aspects of investment work, including the review of investment funds (and negotiating fund documentation when required), investment management agreements, liability-driven investment mandates, fiduciary management agreements, insurance-based investments, transition management, pre-funding agreements and custody. We advise on at least 50 fund reviews and management agreements every year, from the very standard through to ultra-complex models (including bespoke).
Tax: We advise on the tax consequences of investments, particularly whether a pension scheme could be considered as trading which could result in it losing tax exemptions, and also advising on the structuring of investments for tax purposes.
Derivatives: Our industry-leading Derivatives team negotiates derivative contracts for pension scheme clients, and advises pension schemes on their regulatory compliance.
- £150 million fund investment – We reviewed and negotiated the fund documents of a fund in which our client was a key investor. This was obviously a very large investment, was time- pressured and the fund had a complex investment strategy.
- £4 billion fiduciary management mandate – We acted for a large pension scheme in its appointment of a fiduciary manager and we successfully negotiated a number of departures from the manager’s standard position.
- Electricity Supply Pension Scheme – We are the sole legal adviser to the Scheme Trustee on investment issues, and we advise on all day-to-day investment work such as reviewing and negotiating all investment transactions made by its 24 groups to ensure compliance with the requirements of the scheme’s governing documents.