Our experience includes: 

• advising on a £5bn Aviva insurance based longevity swap - at the time, the largest of its kind, covering 19,000 members.
• advising on a £3bn Roll-Royce/Deutsche Bank derivatives-based longevity swap.
• advising AstraZeneca £2.5bn derivatives-based longevity swap – 10,000 pensioners covered.

• We acted for various trustees – including USS, BP, Mineworkers Pension Scheme, Tesco, Marks & Spencer, Diageo – on their investment in private equity, real estate, hedge, distressed debt, infrastructure, currency and insurance-related securities funds.
• We have experience of setting up complex bespoke investment arrangements and special purpose vehicles for large pension funds such as bespoke pooled arrangements.

• We have advised trustees, including the Pensions Trust, on insurance-based DC investment platform providers.
• We advised major pension funds on DC governance having had one of our lawyers seconded to the Pensions Regulator during development of the DC Code.

• We advised on an investment governance audit for USS leading to the implementation of an FSA authorised investment management subsidiary for the trustee and review of committee structures and terms of reference.
• We advised Tesco trustees on the implications of a change in their investment governance structures, including the establishment of an FSA investment management subsidiary.
• We advised on an IMA amendment for major pension funds to ensure EMIR compliance and in some cases to allow EMIR/Dodd-Frank clearing.

• We advised the Uniq trustees in purchasing a £830m bulk annuity from Rothesay Life
• We advised Legal & General on the buy-out of the £1.1bn T&N Scheme
• We advised Tate & Lyle trustees on a £347m partial pensioner buy-in – approximately 34% of total pension liabilities.

• We advised Marks & Spencer trustees on the first property-based asset-backed contribution structure which defined the market.
• We advised Diageo trustees on an asset backed contribution structure with whisky as the underlying asset.
• We advised John Laing and Costain trustees on a structure with PFI rights as the underlying asset.