Employers can no longer rely on advice provided to trustees on managing their pension scheme issues.
As costs of pensions and trustee powers have increased, advice to trustees has become more focused on their interests rather than those of the employer. Employers need their own advisers so that they can make informed decisions on a range of pension issues such as:
- proposed changes to scheme documents
- use of employer powers and discretions under the scheme rules
- negotiation with trustees relating to scheme funding
- provision of non-monetary assets to the scheme, such as guarantees and asset-backed contributions
- notification of corporate events to the trustees and even the Pensions Regulator, and
- dealing with disputes raised by employees about their pensions rights.
We aim to develop good working relationships with trustees’ advisers, ensuring that practical solutions are found, avoiding disputes or litigation where possible. We believe that the employer is best served by realistic advice and sensible negotiations. We look to protect interests, whilst ensuring that issues are not simply buried and liable to cause problems in the future. We pride ourselves on our knowledge of business and commercial concerns. Our clients do not wish to deal with technical lawyers who do not understand the ‘real world’ needs of business. We combine our technical expertise with an understanding of practical interests and advise accordingly.