Michael Chatterton

Managing Director

What our clients say

David Gee, Chair of Trustees, ICI Pension Fund

Michael has acted as independent trustee to the ICI Pension Fund for 4 years. During that time we have developed and implemented our strategy to secure all £8bn of pensioner liabilities of the Fund through 12 collateralised buy in contracts under 3 separate umbrella agreements with our chosen insurance providers.

His in depth knowledge of pensions de-risking in general and the bulk annuity market in particular helped focus our selection of specialist adviser and built confidence across the board in approving and implementing the strategy

Areas of expertise

Michael represents Law Debenture on 8 schemes whose assets range in size from £100 million to £10 billion – including final salary, career average and defined contribution arrangements. He is chairman on five appointments and sole trustee on two.

Michael’s actuarial background supports his in-depth understanding of pension technicalities. He applies this knowledge to support stakeholders to deliver the best outcomes by simplifying complexities and applying them practically.

Michael joined the firm in 2010 and manages the pensions practice.

Notable successes

  • Negotiated and agreed formal framework agreements designed to remove funding deficits for 3 schemes; including automatic triggers that deal with eventualities where there is a change to sponsor covenant or to investment outlook
  • Challenged investment consultants to refine and develop investment strategies to increase investment efficiency by better matching scheme liabilities, widening the drivers of investment returns and having greater focus on the timing of cashflows
  • Improved scheme governance through a review of subcommittee structures and mandates and by adding company representation to improve collaboration
  • Negotiated full buy out of all scheme liabilities within 1 year of appointment as sole trustee and at a cost below that committed by the employer to fund the pension benefits
  • Agreed numerous outsourced administration arrangements including provision for TUPE transfers, data security and all with a focus on paying scheme members benefits

Michael in the news

Pensions Expert - Could hybrids solve the pensions adequacy problem?

Pensions Expert - Mums know best: Hogg Robinson mortality study slashes liabilities

Professional roles and qualifications

  • Fellow of the Institute of Actuaries
  • MA Physics, Oxford University
  • Past member of the SPP and AIMSE Advisory Councils