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UK

Monica Ma

Consultant Solicitor

England & Wales

020 3319 3700

monica.ma@keystonelaw.co.uk

“Monica has always combined a deep technical knowledge of UK pension law and practice with a practical and commercial approach.”

- Chairman of the Trustees, client

Monica has advised on employee benefits for over 20 years, specialising particularly in pensions and share incentive arrangements. She has wide-ranging experience of all types of employee benefits work, including the establishment of share incentive plans and pension plans. She also provides support on the employee benefits aspects of corporate transactions including M&As, flotations, joint ventures, and corporate restructures as well as executive termination.

Monica’s clients include trustees of pension schemes (of varying sizes), SMEs, start-ups, and law firms that do not have in-house pensions expertise.

Expertise

Monica advises employers, trustees, and corporate buyers on all aspects of pensions law, including benefit changes, compliance, disputes, investment agreements, scheme wind-ups, and trustees’ powers.

Experience

  • Advises on complex pension changes, including DB accrual cessation and transitional arrangements.
  • Supports pension scheme trustees in global adviser tenders, including drafting, interviews, and negotiating adviser terms.
  • Advised Veolia on complex pension negotiations during the sale of its regulated water business.
  • Guided HMV through Waterstones’ sale, resolving employer debt and trustee/bank negotiations.
  • Assisted a company withdrawing from an industry-wide plan, addressing deficit treatment with the Pensions Regulator.
  • Advised pension scheme trustees of an oil drilling company on legal issues, including compliance like the Chair’s statement.
  • Assisted various clients (including a livery company pension fund, a private school, and a printing company pension fund) in annuity buyout arrangements.
  • Advised trustees of a DB pension scheme in the insurance sector on ongoing legal challenges.
  • Provided full legal advice to pension trustees of an oil tech company managing a £2bn scheme.
  • Supported a US client acquiring a UK target with DB pension liabilities.
  • Advised on pension issues for a gallery client during staff outsourcing.

Monica specialises in designing, implementing, and restructuring share plans and employee trusts, with expertise in compliance, performance-based rewards, and structuring co-investment plans.

Experience

  • Designed and implemented incentive plans, including deferred bonuses and phantom share awards with complex conditions.
  • Advised a joint venture on a long-term co-investment incentive plan with complex structuring and tax issues.
  • Restructured employee benefit trust arrangements, transferring assets across jurisdictions.
  • Prepared legal documentation for enterprise management incentive (“EMI”) share option arrangements for numerous start-up and small companies.

Please note: The experience list above may include examples of work completed prior to joining Keystone Law.

Recognition

Recognised by Chambers UK for Pensions 2015–2026

Recognised by Best Lawyers UK for Employment Law 2020–2025

Recognised by The Legal 500 for Pensions 2024-2026

Recognised by The Legal 500 for Pensions 2018

Monica was a contributor to Pensions Law (published by Tolley) and The Sale of Shares and Businesses (published by Sweet & Maxwell).

“Monica is an exceptional lawyer who consistently gives excellent advice and guidance. She unfailingly finds pragmatic answers and solutions.”

Chambers UK 2026

Monica qualified as a solicitor in 1992. Prior to joining Keystone Law in 2014, she worked at the following firms:

  • Simmons & Simmons

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