Pensions Associate

4 weeks ago

London Area, United Kingdom Slaughter and May Full time

ROLE OVERVIEW //


Would you like to join an expanding and dynamic market leading pensions practice in one of the world’s most prestigious law firms?


We are offering a fantastic opportunity for an ambitious individual to join us as an Associate in our pensions practice. We offer a highly competitive salary and comprehensive benefits package.


Slaughter and May is recognised for exceptional legal service, commerciality and commitment to clients. We advise on a spectrum of legal matters, often high-profile, ground-breaking and complex. We are known for delivering innovative and bespoke solutions.



Our Pensions Practice


Our Pensions practice is part of our integrated Pensions, Employment and Incentives group which is led by 5 Partners and has more than 30 non-partner fee earners. To give you a flavour of the breadth of work, the successful applicant would see all of the following:


• Very large advisory practice (both business-as-usual and projects) for both trustees and sponsors of large and medium sized schemes as well as insurers - including Railways Pension Scheme, BBC Pension Scheme, Electricity Supply Pension Scheme, BT Pension Scheme, Severn Trent Royal Mail and Centrica. Associates work on: highly technical benefit issues (GMP/Virgin Media/equalisation issues on buy-outs/pensions tax), funding negotiations on valuations and transactions; funding structures working with financing colleagues (SLPs; guarantees; letters of credit; reservoir trusts; escrows); investment advice including strategy implementation; section 75 mitigation; board advice; administration agreements; master trust transfers.


• Dispute resolution – member, IDRP and PO complaints for trustee clients, Part 8 and rectification applications to Senior Courts and TPR investigations and proceedings. Recent current examples include 2022/3 Court of Appeal cases involving the BBC Pension Scheme and Railways Pension Scheme. We also advise on TPR s231 (funding) investigations and s43 (FSD) investigations. Pensions Associates work closely with colleagues in Disputes and Investigations.


• De-risking through buy-ins/outs – we have an increasing flow of this work. We advised on 4 of the 10 biggest transactions in UK market history, including the £7.5 billion buy-in of the British Steel Pension Scheme and on the £6.5 billion buy-in of RSA’s two schemes with Pensions Insurance

Corporation. We also act regularly for insurers, such as Legal & General, who we advised on the £4.8 billion full buy-in for the Boots Pension Scheme.


• M&A/IPOs/distress/corporate transactions - Associates work with corporate colleagues on deal structuring, due diligence, drafting and negotiation. This requires both technical expertise and commercial deal management. Examples include advising Vodafone on the pensions aspects of its agreement with CK Hutchison Group, owner of Three UK, to merge their respective UK telecommunications businesses to create the UK’s largest mobile operator, working with our Corporate team to advise the Trustee of the £37bn BT Pension Scheme on the “first of its kind” innovative expansion by its wholly owned primary service provider, Brightwell, in opening its pension management capabilities to other defined benefit pension schemes and advising a listed multi-national hospitality business on the pensions implications of the proposed auction sale of c.291 of its branded restaurants alongside Real Estate, Finance and Tax as part of a multi-disciplinary team.


We have an extensive database of precedent advice and standard form documents managed by our PSL team and a dedicated team know-how specialist. We run regular technical and BD training programmes. Associates have access to 3 dedicated and experienced pension PSLs.



KEY RESPONSIBILITIES //


The key responsibilities of this role are set out below and there may be others which are not listed. You may be required on occasion to work outside our normal working hours of 9:30am to 5:30pm.


• day-to-day contact for advising sponsor and trustee clients

• drafting, reviewing and amending the legal and commercial aspects of pensions and scheme documentation

• taking responsibility for pensions aspects of transactions

• delivering first line support to clients on matters, working within a larger team of colleagues, at a range of experience levels

• managing/supervising trainees

• taking responsibility for working with other parts of the firm in advising on all of these areas

• developing the practice by promoting the firm– both to existing and potential clients and by contributing to the creation of know-how, including client bulletins and other client and firm-facing training events



CANDIDATE PROFILE //


Candidates for this position must have:


• a strong academic record and being at ease thinking fast and being able to reflect and identify the essence of a client’s query

• keenness to learn and develop

• ability to communicate succinctly, projecting confidence in both legal and commercial analysis underpinning the advice

• ability to see issues from the client’s perspective and to work out how to deliver exactly what the client wants and needs

• skill in drafting, advising and negotiating on complex transactions and matters

• first rate legal/commercial knowledge and technical skills

• excellent client care skills

• excellent transaction management skills

• pragmatism and commerciality

• ability to develop and work in a fast-paced, intellectually challenging environment

• resilience under pressure, endurance and ability to manage and meet multiple deadlines

• experience in running negotiations/meetings under minimal supervision

• a high level of professionalism and integrity

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