With over 35 years’ experience, David advises trustees and employers on workplace pension schemes. He has helped to establish, amend, close and wind up every kind of workplace pension scheme, including defined benefits, defined contributions, overseas pension schemes, executive top-ups (both funded and unfunded) and small self-administered pension schemes.
During the past 5 years, David has provided legal advice on over 30 completed pension scheme buy-in/buy-out transactions, ranging in size from low £millions to over £750m. He is currently working on buyout transactions, as well as advising trustees and employers on preparatory steps and planning for scheme buyout. David is also working on several de-risking and consolidation projects.
David also has over 15 years’ experience working as a professional pension scheme trustee and is accredited with the PMI.
Expertise
- Defined benefits
- Defined contributions
- Executive top-ups and personal pension arrangements
- Funded, unfunded and small self-administered schemes
- EU issues
- Advice on Virgin Media case implications
- Pensions de-risking
- Overseas pensions
Experience
- Advised on over 30 completed buy-in/buy-out transactions, including sale of complex trust assets and arrangements to return surplus to the scheme sponsor.
- Prepared for insurance company buyout, including various kinds of escrow funding and/or sponsor agreements to support transactions without risk of “trapped surplus”.
- Acted for pension scheme trustees to merge two schemes to present a better platform for eventual insurance company buyout.
- Worked on three consecutive transactions to consolidate pension schemes within a corporate group and facilitate effective use of surplus funds.
- Advised an employer on the creation of an asset-backed investment structure involving real property assets.
- Advised pension scheme trustees in relation to a corporate merger of a household name company, involving a change of pension scheme employer covenant and negotiation of a suitable funding agreement to ensure full funding without risk of building up a surplus in the scheme.
- Advised upon, and implemented, structures to manage pension debt liabilities, to ensure safe and managed wind-down and buyout of schemes.
- Handled funding negotiations both as an adviser and as a professional trustee.
- Implemented security assets for pension schemes, including schemes with overseas sponsors (in US, Germany and Ireland), consisting of parent company guarantees, securities over property assets or bank guarantees.
- Advised the trustees of two specialist s.615 pension schemes for overseas employees, including the provision of regular legal updates.
- Advised employers, trustees and benefit consultancies upon the design and offer of pension options such as enhanced transfer values and pension increase exchanges.
- Assisted trustees in bulk transfer of DC assets and liabilities to insurance company master trusts.
- Resolved “Virgin Media” documentation questions raised by pension scheme trustees and by company auditors.
- Helped several trustee boards through the process of Guaranteed Minimum Pension rectification and sex equalisation.
- Found solutions to legacy issues of sex discrimination (Barber claims) to achieve scheme buyout and wind-up.
- Managed several pension scheme closures to accrual of benefit without a requirement to maintain a final salary link to accrued benefits.
- Advising PZ Cussons’ pension schemes on all legal aspects of scheme governance and risk management.
- Advised the Trustees of the Robertson Research International Group Pension Scheme on a full insurance company buy-in/buy-out contract with Aviva.
Please note: The experience list above may include examples of work completed prior to joining Keystone Law.
Recognition
Recommended in Chambers UK (1997-2024) for Pensions, North West
“David has delivered a comprehensive and pragmatic service throughout the year. He is easy to work with and his advice is presented so that it is accessible for all.” Chambers 2024
“He is practical, gives quick answers and turns around work very quickly.” Chambers 2024
Recognised by The Legal 500 2024 for Finance: High Yield
Recognised by The Legal 500 2024 for Finance: Debt Capital Market
Included in the Seventh Edition of The Best Lawyers 2018 in the United Kingdom
Recommended in The Legal 500 UK 2017 for Pensions
Recognised as a Leading Individual by Chambers UK 2016
Recommended in The Legal 500 2015 for Pensions
Career
David qualified as a solicitor in 1990. Prior to joining Keystone Law, he worked at the following firms:
- Squire Patton Boggs
- Eversheds
- Addleshaw Goddard