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Paul Feathers

Partner
Paul Feathers

I'm a partner in the Pensions team and advise trustees and corporate sponsors on all aspects of pensions law.

Tel: +44 (0)20 7664 0377
Email: paul_feathers@wragge.com

Services: Pensions

Best brains in...

Legal aspects of pension scheme investment and corporate restructuring, particularly with insolvency issues and potential public-private finance involvement.

Highlight of your career so far?

Being on the pitch team that won the appointment to act for the team's largest pension scheme trustee client, not least because we beat another firm's pitch team which included someone who is now one of our partners. I never tire of reminding him that we won!

Most challenging job you've ever done?

I advised the trustees of the MG Rover Pension Schemes following the high profile insolvency of most of the companies in the sponsoring group. The legislation creating the Pension Protection Fund was only two days old when the companies became insolvent, so our learning curve was steep to say the least. In addition to the challenge of interpreting and applying new legislation for the first time, we were also faced with the challenges posed by a legislative framework that didn't fit the situation the trustees faced. One court case later and the legislation had to be changed.

What about outside the UK?

I acted for a US law firm to provide UK pensions law advice for a South African client on a series of strategic multinational disposals. The timing was difficult because legislation that would determine whether the client incurred liabilities was in the process of change. Attempting to explain the legislation to clients who are unfamiliar with UK pensions is always challenging, let alone when you have to explain two versions, depending on which set of regulations is in force.

Dedication to client care? Prove it!

There are the usual stories about missing holidays when a client needs a job to be done or working through the night, but client care is about maintaining a strong ongoing relationship and not just dealing with the one-off events. For me, great client care is making the effort to understand each client's particular circumstances from the outset and ensuring you have considered the legal issues in the context of those circumstances every time you advise the client. It is also about delivering when you say you will.

Best example of a creative legal solution?

I advised a trustee client in relation to a change in investment strategy and the legal aspects of implementing the change. The sum of money involved was significant and it was imperative that the trustees had adequate protection. The situation was novel because, for legal reasons, the trustees could not obtain adequate legal protection through the 'usual' structure of separating and allocating the responsibility for advice and implementation to two separate parties. I proposed an alternative solution which involved a four-party agreement with the trustees, their sponsor, the investment consultant and the fund manager. This provided the protection that the trustees needed. It was the first time that I had used this approach and was told by the fund manager's lawyers that it was a first for them too.

How do you get under the skin of a client's business?

Talk to your clients. There's no better way to get information about what is important to them and to understand their goals, which is critical. Understanding the client's perspective helps us to tailor our advice. It also allows us to be proactive by keeping abreast of developments that are likely to be important to our clients and to propose solutions before a problem occurs rather than 'fire fighting' after the event.

What's your single greatest contribution to Wragge & Co's corporate responsibility?

I'm afraid that I haven't been as athletic as some of my partners who have run marathons and climbed mountains. I joined a group of people from the firm to help landscape a local school's gardens and outdoor areas which was very rewarding because you can see an immediate result and it's in the local community.

What's been written or said about you that you're most proud of?

The chairman of trustees for a large client once described my advice on a complicated and potentially emotive subject as 'masterly'. He was impressed by the fact that the advice was in plain English, cut through the legal complexities and gave a clear recommendation.

Another client told me that I had 'almost made pensions understandable,' in a situation where we were dealing with complex pensions law issues and tight time scales. The client started from a position of very little knowledge and I will aim to get rid of the 'almost' next time I work with him!

Alerts

22.03.11

Pension fund hedging - all clear?

The costs for pension schemes using over-the-counter derivatives are set to rise. New European Commission regulations will affect banks' pricing of derivatives and the ease with which derivatives can be used by pension schemes.

17.04.08

Proposed increase in the pension regulator's anti-avoidance powers

On 14 April 2008, the Government announced plans to give increased anti-avoidance powers to the Pensions Regulator. Read Wragge & Co's analysis of the Government proposals.

11.03.08

Pensions Regulator issues guidance on conflict of interests

The Pensions Regulator has published draft guidance on conflicts of interest.

 

Press releases

15.07.10

Wragge & Co Pensions team wins £1.5 billion scheme client

Wragge & Co's award-winning Pensions team has been appointed as the main legal adviser to the trustees of the £1.5 billion ICL Group Pension Plan of Fujitsu Services and Fujitsu Services Common Investment Fund.

21.07.09

Wragge & Co Pensions team appointed to advise £1.05 billion G4S Pension Scheme

Wragge & Co LLP Pensions team has been appointed as legal advisers to G4S Trustees Limited, trustee of the G4S Pension Scheme. The defined benefit occupational DB scheme includes assets of more than £1 billion.

18.07.08

Wragge & Co named European Pensions Law Firm of the Year

Wragge & Co LLP is the European Pensions Law Firm of the Year. The firm saw off strong competition from UK and international firms to secure victory at the first European Pensions Awards ceremony last night.

28.02.08

Wragge & Co advises Haldex on £75 million cross-border acquisition

Wragge & Co LLP Corporate group is advising Swedish company Haldex AB on a cross-border acquisition for a cash consideration of £75 million. The instruction came via leading Swedish firm Mannheimer Swartling.

19.04.07

Wragge & Co boosts Pensions Team with new partner

Wragge & Co LLP has boosted its pensions credentials with the appointment of a new partner. Paul Feathers has been promoted to the firm's partnership, taking the total number of pensions partners to six. He will be based in the firm's London office.
 

Published articles

17.06.08

Preparing for the PPF - The foundation for a smooth PPF assessment period

The credit crunch is biting ... your scheme's sponsoring employer is facing insolvency ... what can the trustees and advisors do before the insolvency to lay the foundations for a smooth PPF (Pension Protection Fund) assessment period?

 

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