We provide high quality advice for employers and pension scheme trustees on the full range of solutions in this area.
We have a demonstrated track record of practical, commercial assistance with changes to accrued rights (in particular the developing case law on the use of Retail Prices Index (RPI) and Consumer Prices Index (CPI) in pension schemes) and modification projects such as pension increase exchanges, enhanced transfer values), winding up lump sum and trivial or small commutation lump sum exercises and changes to future benefit accrual including longevity adjustment factors, moving from final salary to career average or defined contribution benefits, and scheme closures.
We provide support every step of the way, offering:
- strategic advice on the legal feasibility and implementation of projects, including scrutiny of employer proposals for trustees and negotiation of benefit designs
- analysis on scheme amendment powers and the availability of alternative legal methods for making changes
- practical assistance with design and implementation phases, for example benefit specifications, assistance with communications and day-to-day support with member queries
- advice on structuring and handling member consultation exercises
- advice on best practice and compliance with the Industry Code on Incentive Exercises
- working with other advisers to help clients select and appoint external partners such as insurers, consultants and member advisers
- transition of one-off exercises into standing options to be offered as standard for future retirees.
We participate in a wide range of pensions industry groups.