Pensions and share incentives lawyers, solicitors and barristers at Keystone Law

Remuneration in the workplace is rarely straightforward and yet pensions and incentives are high on the list of priorities of all concerned. A well-designed remuneration package is not just tax-efficient; it can motivate staff to achieve high levels of performance. Our Pensions and Incentives team work closely with their employment, corporate, tax, regulatory and financial services colleagues to ensure you receive the most up-to-date advice provided in a way that is a clear, concise and easy to understand.

Our pension law services

Due to the complexities of pensions legislation and funding issues, pensions are a hot topic for UK businesses. All UK employers are now required to contribute to their workers’ pension savings under “auto enrolment”. Our pension law specialists can advise on auto-enrolment issues, compliance matters, the amendment, closure and winding-up of pension schemes, third party contracts, Pension Ombudsman claims, and all associated pension scheme documentation or regulations.

Our incentive law services

Our team of incentives lawyers advise clients on broad-based employee share schemes as well as short-term and long-term incentives. We also help introduce equity or phantom equity incentive arrangements, cash-settled bonuses and deferred incentives. We tailor our advice to ensure that any schemes we help to establish are best suited to our clients’ employee culture and are compatible with any share and other incentive arrangements that they already have in place.

Who do we advise?

Our pensions and incentives lawyers advise employers, trustees and other practitioners, ensuring that the correct arrangements for each individual or corporate situation are applied.

Why choose our pensions and incentives team?

Each member of the team has more than 20 years’ experience advising on pensions and/or incentives and can provide clients with tailored advice. Individuals in our team are also recognised by the leading legal directory Chambers UK for their work.

For further information or to discuss a pension or incentive matter, please telephone 020 3319 3700 or click here to email us.

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Keynote

Improving the effectiveness of employee health benefits through a healthcare trust

Kevin Gude

19 November 2024

Keynote

Do employers have continued liability for employee benefits previously delivered by a third-party provider?

Kevin Gude

2 July 2024

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Prompt and definitive responses to individual pension problems and cases.

Legal 500 2025
They provide extremely courteous and competent service.

Legal 500 2024

Pensions

Auto-enrolment issues

Our pensions experts fully appreciate the extra burden placed upon employers who are now expected to comply with auto-enrolment obligations for qualifying employees into pension arrangements. Complying with all the requirements can prove to be an arduous task. We are on hand to work with clients to help them identify the qualifying employees, which can become tricky when they are internationally mobile or possess dual contracts, and to review communications and contracts with providers including pensions and payroll.

Closure and winding-up of pension schemes

We have experience in working with our clients to ensure that a pension scheme is properly closed to new members, future service accrual or completely wound up. The process of closing or winding up a scheme is a long process and we have the necessary expertise to advise on all aspects from ensuring the process is followed legally to giving notice, reviewing communications with employees, following the consultation process, through to preparing legal documents that give effect of the closure/ wind up and alerting the required authorities of the move.

Defined benefit pension risk

Defined benefit pension schemes have inherent risks attached. We work with pension scheme trustees and company sponsors, to look at ways of removing these risks inherent through the likes of a bulk purchase annuity contract with an insurer which provides payments which closely match the scheme’s liabilities.

Pension aspects of commercial transactions

Our leading experts are fully aware of the importance of the pension aspect in relation to corporate transactions including mergers, acquisitions and TUPE transfers; and we are known to often advise clients on all issues that could arise. Our team regularly advises clients on pension related difficulties including when the target is involved in a benefit scheme with a funding deficit. We work closely with organisations to ensure that any issues are ironed out before finalising any commercial transaction.

Pensions Ombudsman claims

Even the most well run pension schemes will no doubt end up with disgruntled members or beneficiaries. Many of these disputes are caused by delays in providing certain information, incorrect benefit statements, payment of the wrong benefits, disagreement over whether an incapacity pension is payable or how lump sum death benefits should be distributed. These complaints often reach the Ombudsman. We have vast experience in defending clients successfully against the Ombudsman claim by ensuring that their position is properly presented and the arguments supporting their actions are clearly put forward.

Pension scheme documentation, employment contracts and handbooks

Our team of experts regularly draft and review documentation that set out the pension rights of employees. We work closely with our clients to fully comprehend their business to ensure that their benefits correlate and that all documentation, contracts and handbooks are updated regularly to ensure any legislative changes have been considered.

Regulatory matters

Our lawyers fully understand the difficulties that employers and trustees of pension arrangements face due to being regulated by the Pensions Regulator. We work in tandem with clients to ensure that they comply with the myriad of compliance and legislation requirements that face them. We also regularly work hand in hand with them to help minimise the effect of such regulation on their funding, investment, administration and other aspects of their arrangements.

Termination of employment and compromise agreements

The termination of a contract and the subsequent drafting of a mutually beneficial comprise agreement is no easy feat. We are aware that the pension aspect of these agreements is often contested, particularly when it affects a senior executive. We have vast experience in guiding clients through this process to ensure the best outcome for our client.

Incentives

Company share option plans (CSOPs)

Disputes with HMRC

Today’s political climate has led HMRC to be under more pressure than ever to be seen to be clamping down on organisations and individuals suspected of improperly handling their tax affairs and those advising them to do so. We have significant experience in defending clients on matters such as employee shares and PAYE issues, and regularly successfully represent clients in the Tax Tribunal.

Employee Share Schemes for large companies

Enterprise management incentives (EMI)

Our team of enterprise management incentives (EMI) experts is led by David Cohen who advised the Government on the introduction of EMI. We understand that the tax breaks offered to both employers and employees make EMI one of the most attractive tax shelters in the UK. However, we also understand the many difficulties that may arise when deciding whether a company qualifies for this incentive and the many technical requirements set out by the legislation. We are perfectly placed to advise our clients on all EMI matters whether they be a start-up or a transatlantic company whose options are impacted by a takeover we have the knowledge to guide our clients through the legislative requirements.

Share incentive schemes including SIPS, bonus and SAYE

Shareholder Share Schemes

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Advised the CEO of a FTSE 250 company on their complex service agreements and complex side letters.
Advised the corporate trustee of a well-known pension scheme on all legal matters, including documentation update, compliance, trustees’ duties and investment and other third-party agreements
Advised on all legal matters including documentation update, compliance, trustees’ duties, investment and other third-party agreements for a well-known international insurance company
Provided pension law support to a worldwide law firm in a transaction relating to the sale of a global financial services firm’s traditional fund administrative services business to another financial services company
Provided pension law support to a London-based law firm in a transaction relating to the sale of manufacturers to a healthcare company
Provided pension law support to a leading London law firm in a transaction relating to the sale of a property management company
Advised on all legal matters including documentation update, compliance, trustees’ duties, investment and other third-party agreements for a drilling equipment company
Advised one of the participating employers on a flexible apportionment arrangement in relation to the Heating and Ventilation Contractors’ Association Retirement Benefit Scheme
Advised the trustees of a Jersey trust-based occupational pension scheme on securing Isle of Man tax-approved liabilities via an insured buy-in and acting more generally as Isle of Man advisor to the trustees
Advised the trustees of an international insurance company on all legal matters including benefit changes, member communications, ongoing administrative issues, appointment of advisers, and various investments
Acting as the leading share scheme adviser on the IPOs of Burberry, Admiral Insurance, and Petrofac (all now in the FTSE 100)
Advising on all share scheme aspects of the record-breaking HSBC rights issue

Please note: The experience list above features work carried out by lawyers who now work at Keystone Law however this work may have been completed prior to them joining the firm.