Pensions lawyers have had a hard time convincing other lawyers that pensions is an interesting area of law in which to specialise. In the last three years, however, the issue of company-sponsored final salary pension schemes has become a hot topic. The increasing significance of pension schemes in respect of all types of corporate activity has changed the role of pensions lawyers, and the way they work with colleagues in other specialisms, beyond all recognition.
The key driver to the change in pensions law has been the ever-changing legislative and regulatory landscape stemming from the Pensions Act 2004. Employers and trustees have had to get to grips with dealing with a new-style Pensions Regulator as well as addressing the complex areas of scheme funding and liability management. From advising trustees and companies on takeovers to looking for new ways to control costs and risk via scheme restructuring, mergers and pioneering funding arrangements, pensions lawyers have responded quickly and innovatively to the increasingly commercial context of their advisory work.
