Seasoned pensions expert Ian Gordon (Glasgow) heads up Pinsent Masons LLP’s team, which is frequently instructed by well known employers, trustees and funds. This steady stream of mandates stems from the group’s wide-ranging expertise in defined benefit and defined contribution pension schemes, benefit transfers, security arrangements and investments as well as buy-ins and buy-outs and pensions litigation. The team, which sits within the firm’s UK-wide pensions practice, also includes Ruth Tobias, director Alison Shackleton and Cameron McCulloch, who made partner in spring 2022 and specialises in securing pension liabilities with trustees.
Pensions in Scotland
Pinsent Masons LLP
Practice head(s):
Ian Gordon
Other key lawyers:
Ruth Tobias; Cameron McCulloch; Alison Shackleton; Arlene Eves
Testimonials
‘They are very responsive and provide clear assessments that are easily understood.’
‘They do not engage in distractions and are really pleasant to work with.’
‘Ian Gordon is highly experienced with superb instincts. He always delivers excellent results.’
Key clients
Plumbing & Mechanical Services (UK) Industry Pension Scheme
Babcock Naval Services Pension Scheme
Barnett & Hall Holdings Pension Scheme
Edrington Group Pension Scheme/ Highland Distillers Pension Scheme
Trustees of the University of Aberdeen Superannuation and Life Assurance Scheme
Ithaca Energy plc
Capita Pension and Life Assurance Scheme
John Swire & Sons Pension Scheme
Aberdeen City Council as Administering Authority of the North East Scotland Pension Fund
Weatherford Group Pension Plan
Work highlights
- Advised the trustee of the Babcock Naval Services Pension Scheme on closure, securing benefits and on GMP equalisation issues.
- Assisted the Capita Pension and Life Assurance Scheme with the preparation and review of over 200 of its sections.
- Advised Edrington Group Pension Scheme and Highland Distillers Pension Scheme on security arrangements.
Shepherd and Wedderburn
Shepherd and Wedderburn is the first port of call for a number of renowned corporates, including FTSE 100 companies, and trustees. Louisa Knox's expertise spans defined benefit and defined contribution pension schemes, ESG compliance and scheme restructurings. Andrew Holehouse assists trustees of major occupational pension schemes with buy-ins, buy-outs and liability management. Edwin Mustard's experience extends to pensions disputes. Knox, Holehouse and Mustard co-head the practice from Edinburgh. Other key members of the team include Kirsty Headden, an expert in GMP equalisation issues, and Richard Jones, a regular advisor to public sector clients. Amie Bain was promoted to legal director in May 2022.
Practice head(s):
Andrew Holehouse; Louisa Knox; Edwin Mustard
Other key lawyers:
Amie Bain; Kirsty Headden; Richard Jones; Daniel Boynton
Testimonials
‘Prompt experts in their field.’
‘This team is the best qualified and resourced pensions team in Scotland.’
‘Louisa Knox is among the top pensions lawyers in Scotland.’
Key clients
The Standard Life Staff Pension Scheme
ScottishPower Pension Scheme
Scottish Amicable Staff Pension Scheme
The Miller Group Pension Scheme
A.G. Barr plc Retirement Benefits Scheme
University of Edinburgh Staff Benefits Scheme
The University of St Andrews Superannuation and Life Assurance Scheme
Universal Music Group Pension Scheme
Belmond (UK) 2003 Pension Scheme
Scottish Hydro-Electric Pension Scheme (SSE)
Trustees of the Stagecoach Group Pension Scheme
Work highlights
- Advising the trustee of the ScottishPower Pension Scheme on all aspects of the final salary pension scheme sponsored by ScottishPower UK plc.
- Advising the trustees of the Weir Group Pension and Retirement Savings Scheme, sponsored by FTSE 100 Weir Group plc, on an extension and amendment of the scheme’s existing asset-backed funding structure, the appointment of a new third-party administrator, as well as on GMP equalisation.
- Advising the trustees of the Stagecoach Group Pensions Scheme, a multi-sectional defined benefit scheme operating in the transport sector and sponsored by Stagecoach plc, on various matters, including negotiating adviser contracts and member disputes.
Brodies LLP
While pension trustees form the bulk of Brodies LLP’s client roster, the team also receives instructions from employers, public sector pension funds and councils. Edinburgh-based practice head Juliet Bayne handles defined benefit and defined contribution pension schemes encompassing both the public and private sectors; her experience reflects the team’s recent workload, including corporate transactions and restructurings, transfers to master trusts and liability management exercises, among others. Jennifer Crawford, who was promoted to senior associate in November 2022, is experienced in advising both sponsoring employers and trustee boards. Former legal director Mairi Carlin left in April 2022 to work in-house.
Practice head(s):
Juliet Bayne
Other key lawyers:
Jennifer Crawford; Maureen Burns
Testimonials
‘Brodies has always been able to navigate issues, and provide solid advice to trustees. They have an established and respected offering.’
‘Juliet Bayne and Jennifer Crawford are very professional and interact well with other trustee advisers to ensure integrated and quality advice for their clients.’
‘Responsive team with a wealth of knowledge.’
‘Prompt and efficient communicators.’
‘Extremely professional, always willing to explain technical legal pension matters in an understandable way, and empathetic when dealing with difficult and distressing matters.’
‘Juliet Bayne is extremely knowledgeable and very highly respected within the pensions sphere. Honesty, integrity and a strong ethic to do the right thing for a scheme’s members shine through.’
‘Jennifer Crawford has a strong desire to do the best for scheme members.’
‘Juliet Bayne and her team were immensely helpful in guiding us through the details of the applicable regulations, especially during the period when the pension laws in the UK were undergoing major amendments.’
Key clients
Trustee of the Menzies Pension Fund
Yoon & Yang LLC
Trustees of the Howden Group Pension Plan
The Institute of Chartered Accountants of Scotland
Trustee of the Berry UK Pension Scheme
Trustees of the Aviagen Pension and Life Assurance Scheme
Strathclyde Students’ Union
Trustees of the AES Ballylumford Pension Scheme
Trustees of The Morris & Spottiswood Pension Scheme
The Morris & Spottiswood Employees’ Pension Scheme
Axis Capital Holdings Limited
Work highlights
- Advised the trustee of the Menzies Pension Fund on the £763m City Takeover Code acquisition of the scheme’s sponsoring employer.
- Advised Korean law firm, Yoon & Yang LLC, on a group restructuring and sale involving the exit of a UK subsidiary of Korean giant, Doosan Enerbility Co. Limited, from a defined benefit pension scheme.
- Advised the trustee of Smith Anderson & Company Limited 1973 Staff Retirement Benefits Scheme on GMP equalisation issues.
Burness Paull LLP
Burness Paull LLP‘s strength lies in assisting overseas and UK corporates with the pension aspects of M&A, private equity investments and refinancings; corporate head Sarah Phillips is an essential contact in this space. Elsewhere, the group is well placed to guide trustee clients through projects aimed at de-risking defined benefit pension schemes alongside Guaranteed Minimum Pension (GMP) equalisation and governance issues, among others. Liam Young handles both corporate transactions and trustee advisory work. The practice is led by the Glasgow-based Margaret Meehan, who covers the full spectrum of pensions law.
Practice head(s):
Margaret Meehan
Other key lawyers:
Sarah Phillips; Liam Young
Testimonials
‘Margaret Meehan and Liam Young are an incredible pensions double act. They combine intellectual rigour with formidable strategic thinking and are commercially astute.’
‘Margaret Meehan and Liam Young excel in all areas of pensions law.’
‘Responsive team with expertise in pensions law.’
‘Great responsiveness and ability to seamlessly fit their advice into our M&A process.’
‘Lovely team, always a pleasure to work with.’
‘Margaret Meehan is hugely experienced, sensible, articulate and concise.’
‘Excellent depth and experience across this team. Very highly recommended.’
‘Sarah Phillips and Margaret Meehan are professional, responsive, and provide excellent commercial advice to make the decisions around the complex issues of pensions understandable and accessible.’
Key clients
The Pension SuperFund
Trustee of the Aegon UK Staff Retirement and Death Benefit Scheme
PAI Partners SAS
Scottish Widows
Subsea 7
FirstBus (North) Limited
Mississippi Lime UK Limited
Phoenix Group
Trustees of the Aberdeen Harbour Board Retirement Benefits Scheme
Lewis Mathys Emmerson LLP
Work highlights
- Advised The Pension SuperFund on structuring and documenting its capital buffer fund.
- Advised the trustee of the Aegon UK Staff Retirement and Death Benefit Scheme on GMP rectification and equalisation matters.
- Advised PAI Partners on the purchase of PepsiCo, Inc.’s European juice businesses (including Tropicana and Naked) following the acquisition of juice brands in North America in mid-2021.
MacRoberts LLP
With the experienced pensions specialist Martyn Shaw (Glasgow) at the helm, MacRoberts LLP is well placed to assist clients, including trustees and employers, with benefit transfers, scheme wind-ups and liabilities, M&A, GMP equalisation projects as well as asset-backed funding arrangements for defined benefit pension schemes. The group has noticed a particular uptick in mandates for third sector clients, including charities, housing associations and independent schools; James Keith is an essential contact in this space.
Practice head(s):
Martyn Shaw
Other key lawyers:
James Keith; Richard MacDonald
Testimonials
‘Commercial, pragmatic and collaborative with an open communication style.’
‘Martyn Shaw, James Keith and Richard MacDonald are practical and cost-conscious.’
‘They know their stuff and always get the job done in time.’
Key clients
Scottish Government – Transport Scotland
The trustees of the Noble Drilling (Land Support) Limited Retirement Benefits Scheme
The trustee of the Arriva Passenger Services Pension Plan
The trustee of the Arriva London North and Arriva London South Pension Scheme
The trustee of the SIG plc Retirement Benefits Plan
ASD Limited
The trustees of the Scottish Leather Group Limited 1979 Retirement Benefits Scheme for Directors
The trustee of the T.P.S. Benefits Scheme
The trustee of the Martin Currie Retirement and Death Benefits Plan
The trustee of the Edinburgh Airport Pension Plan
The trustees of the Babtie Group Ltd Superannuation and Life Assurance Scheme
The trustees of the Peter Vardy Employee Benefits Plan
Dorchester Group Limited
The trustees of the LS Starrett Company Limited Retirement Benefits Scheme
The trustee of the Travis Perkins Pension and Dependants’ Pension Scheme
Northumbrian Water Group Limited
The trustees of the JW Holdings Limited Retirement Benefits Scheme
The trustees of the ANM Group Limited Pension and Life Assurance Fund
The trustees of the Denholm Pension Scheme
The trustees of the Johnstons of Elgin Pension Scheme
The trustee of the Interplex PMP Limited Staff and Works Pension Scheme
The trustees of the Airdrie Savings Bank Pension Scheme
The trustees of Plean Precast Limited Pension and Life Assurance Scheme
The trustees of the Velan Superannuation and Life Assurance Scheme
Dynamic EMS Limited
The trustees of the Dynamic Logic Limited Pension Scheme
The trustees of the Ardtornish Farm Pension Scheme
Work highlights
- Advised the trustees of the Barclay & Mathieson Limited Retirement and Death Benefits Scheme on the sale of the scheme’s sponsoring employer to a third party, Marubeni-Itochu Steel Inc.
- Advised the trustees of the Veitchi (Holdings) Limited Retirement Benefits Scheme on the successful buy-in of £8m of scheme-deferred and pensioner member liabilities with Just Group, with a view to converting that buy-in to a buy-out in due course.
- Advised the trustees of a UK defined benefit pension scheme (of a major multinational shipping, logistics and industrial services group) on the buy-in of certain scheme-deferred and pensioner member liabilities with Aviva, with a view to converting that buy-in to a buy-out in due course.
CMS
CMS is a regular advisor to trustees, employers, consultants and insurers. The team’s expertise spans scheme administrations, the transfer of defined contribution pension schemes to master trusts, GMP equalisation requirements and corporate restructurings, among other issues. Glasgow-based team co-head Alistair Hill is rated for his expertise in the financial services, public and third sectors and frequently assists with corporate matters; fellow co-head and investment specialist Jae Fassam (Edinburgh) often deals with member disputes and the pensions aspects of M&A.
Practice head(s):
Alistair Hill; Jae Fassam
Other key lawyers:
Claire Miller
Testimonials
‘A team that provides pragmatic advice and considers all angles of an issue.’
‘Jae Fassam is always down to earth and easy to understand. He handles difficult situations in a commanding way.’
‘They continue to be a strong practice in the Scottish market.’
Key clients
British Medical Association
Scotia Gas Networks Pension Scheme
CALA
Daiwa
Trustee of the De La Rue Pension Scheme / Trustee of the De La Rue Defined Contribution Pension Plan
University of Dundee
The Pension Protection Fund
Rowanmoor Personal Pensions Limited
Dewars
Gems
Trustees of the Helaba (London) Pension and Life Assurance Plan
Highlands & Islands Airports Pension Scheme
The IPM SIPP
ISS UK
Invinitive Financial Limited
Lothian Pension Fund / City of Edinburgh Council
M Group
Macfarlane Group plc
Marie Curie
NEC Semiconductors
Northern Ireland Water
Ross Trustees
Trustee of the Samsung Electronics Manufacturing (UK) Ltd Pension & Life Assurance Scheme
Schlumberger
Scottish Enterprise
Serco
Tayside Pension Fund
The Pensions Trust
TotalEnergies
The University of Glasgow
Work highlights
- Ongoing advice to the trustees of the Scotia Gas Networks Pension Scheme, covering both Scottish and English employers with complex benefits; recently, this included advice on a contract for the appointment of a new scheme secretary, DC transfer and GMP equalisation matters.
- Acting for the trustee of one of Samsung’s defined benefit pension schemes, addressing issues including GMP equalisation, GDPR compliance, death benefit cases and the review of scheme administrative practices.
- Advising the trustees of the De la Rue Pension scheme as well as their separate defined contribution pension scheme on day-to-day matters regarding the running of the scheme.
DWF
Embedded in its global employment and pensions group, DWF is a regular advisor to corporates in transactional matters but also assists trustees with the transfer of defined contribution pension schemes to master trusts as well as with buy-ins and buy-outs of pension scheme liabilities, among other issues. Glasgow-based team head June Crombie's industry expertise spans education, tech, food and drink, and the public sector. Colin Greig has a strong profile assisting corporates with the pensions aspects of M&A.
Practice head(s):
June Crombie
Other key lawyers:
Colin Greig
Testimonials
‘June Crombie brings a great deal of knowledge and experience. She has an inclusive style when chairing meetings and collaborating with advisors.’
‘They continue to be a strong practice in the Scottish market.’
‘Colin Greig has a strong ability to extract relevant information and identify pragmatic solutions to a range of situations.’
Key clients
Workdry International Limited
IPSOS
Connells Group
Ballyvesey Holdings Limited
Serco
Church of Scotland
VisitScotland
Cornwall Council
Aliter
Cove Communities UK Investments, LP
Work highlights
- Assisted Glennon Bros Timber Limited with all pensions aspects in connection with the acquisition of Balcas Limited.
- Advising Ballyvesey Holdings Limited on issues relating to the proposed death-in-service arrangements.