Leading global law firm Baker McKenzie played a key advisory role in the establishment of the Stoneport Pension Scheme, a new consolidation vehicle developed by Punter Southall for defined benefit (DB) pension schemes in the UK market. Launched on 20 October, the solution will represent a genuine step forward for employers, trustees and the members of small schemes alike, and will offer substantial reductions in scheme costs, the highest standards of governance and enhanced long-term security for members.

Commenting on the launch, Jonathan Sharp Baker McKenzie's Pensions Partner said: "We are delighted to have worked with Punter Southall and the Stoneport trustees advising on the legal aspects of establishing the scheme and look forward to continuing to support the trustees. The work showcases and plays into our in-depth knowledge of multi-employer pension schemes."

Stuart Southall, Chair of Trustees of the Stoneport Pension Scheme added “Amending Punter Southall’s small scheme to create Stoneport was an understandably complex and lengthy process. As trustees, we were fortunate to have the support of a first-class team of advisers, most notably our lawyers at Baker McKenzie. Their expertise in drafting the Stoneport Pension Scheme’s legal provisions and providing us with clear and comprehensive advice has produced the firmest of footings for Stoneport to deliver its transformational cost and risk reductions for small schemes.”

The Baker McKenzie team was led by London Pensions Partner Jonathan Sharp, together with Senior Associate Paul Williams.

The mandate is the latest example of the work of Baker McKenzie's Pensions team in advising trustees and employers on new innovative solutions for defined benefit schemes.
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