As regulatory changes continue apace, many employers are streamlining and reducing ongoing costs by consolidating or transferring their pension schemes to third party vehicles.  

Separately, the Pensions Regulator has encouraged trustees to remain open-minded about the benefits that consolidation may bring to scheme members through improved funding security and increased service efficiency.

Consolidation and scheme restructuring are likely to be key themes for the industry in the coming years and our team is ready to assist. 

Whether you are considering the option of merging or transferring your company pension schemes and looking for some initial strategic advice or are concerned about your legal duties as the trustee of a merging or transferring scheme, we have the knowledge and expertise to help.

Services

The team offers a complete range of services covering:

  • employers: advising sponsoring employers on feasibility and legal requirements, preparing documentation and implementation;
  • existing trustees: advising trustees of merging or transferring schemes on legal duties, negotiation, and implementation; and
  • new trustees: where a new arrangement is to be established, assisting with the set-up and advising new trustees on governance, legal duties, negotiation and implementation.

Our experience

Our recent experience includes:

  • acting for the trustee of a newly-established receiving scheme on the merger of three existing legacy schemes, including liaising with multiple legal and actuarial advisory teams;
  • advising on the transition to a single trustee company intended to act across a number of group schemes, including multiple contractual novations and addressing key transitional risks;
  • acting for the employer in relation to a proposal to merge five existing group schemes, including providing initial strategic advice on options and feasibility reporting; and
  • acting for the trustee of two group schemes in relation to an employer’s proposal to transfer each to a master trust arrangement and consideration of alternative approaches.
  • Shepherd and Wedderburn is known for being "fast, responsive and proactive, with no waffle', and for possessing 'great business acumen as well as empathy with people".

  • Shepherd and Wedderburn’s highly experienced team is ‘excellent in all areas’.

  • They have a very good command of their subject but are also very approachable and user-friendly. They are good at making complexity palatable and working as a team.

  • ...both sound and pragmatic, and have a proactive and responsive approach.