Charles Morgan

Pension Trusteeship

Since joining Law Debenture in 1997, Charles has had day-to-day responsibility for the trusteeship of a wide variety of pension schemes, both ongoing and in wind-up. He is also responsible for a number of EFRBS (Employer Financed Retirement Benefit Schemes). The scheme sponsors include industrial companies, outsourcing providers and statutory corporations.

In a number of cases Charles has acted as chairman of the trustee board and as a member of the investment committee. The benefit structures of some of the schemes are based on those of the Principal Civil Service Pension Scheme and the Local Government Pension Scheme. The secured EFRBS are unfunded; but benefit promises are secured by charges over real property, gilts, unit trusts and cash or by bank letters of credit.

Particular expertise

  • Investments – including LDI (both swaps and gilt based) and de-risking strategies centred around flight paths 
  • Re-structuring – including closure to future accrual, buy-ins, buy-outs, longevity insurance and wind-up
  • Other areas – including funding negotiations, selection of investment and other advisers, CPI/RPI issues; and executive pension arrangements provided through EFRBS

Background

Before joining Law Debenture Charles practiced as a solicitor at Allen & Overy for 19 years, including 12 years as a partner.  He specialised in transactional and advisory work in the corporate, commercial and financial sectors, including a range of corporate trustee work.  

For some years he was a member and then secretary of the commercial law sub-committee of the City of London Law Society.

Back to top