The Friday Takeaway: Law & Order, Pensions Unit

No one does an over-the-top legal drama like the Americans. Whether it’s the various iterations of Law & Order, classics like Matlock, or the all-conquering Suits, US TV executives certainly know how to make the law entertaining.?

Could they give this treatment to the various pensions-related courtroom dramas that Pensions Expert covered this week? I’m still waiting for the action-packed series following shareholder class action lawsuits, but there is a growing base of potential material for budding scriptwriters to mine.??

This week, the North East Scotland Pension Fund emerged as a beneficiary of a $434m legal settlement with sportswear manufacturer Under Armour, becoming the latest UK-based pension scheme to take the lead in a class action suit. The case was first brought in 2017, so it’s hardly a fast-paced drama.?

Alternatively, we have the tension of the Avon Cosmetics v Dalriada Trustees case, which even mentions something getting “severed”. Great entertainment there, surely? As it happened, the only thing being split was the members, into those that benefited from a rule change and those that didn’t.??

That said, we may be getting more episodes like this as defined benefit schemes head towards insurance transactions and lawyers unearth issues hidden in old documents. Stay tuned for more on this developing storyline.?

Finally, we have the high-stakes Virgin Media v NTL Pension Trustees case, the latest instalment of which came out this week. A lot hinges on this one, with many schemes waiting to find out if they need to review rule changes and amend benefits. No spoilers here, but we’ll have the latest on the Pensions Expert website as soon as it’s known.?

Hope you have an enjoyable weekend.?

Nick Reeve, Editor, Pensions Expert

Story of the week: Standard Life steers ￡880m buy-in for Rolls-Royce-Bentley scheme

Standard Life UK has insured the Rolls-Royce & Bentley Pension Fund with a full scheme buy-in worth approximately ￡880m. It covers approximately 6,000 members of the scheme and includes the conversion of a 2013 longevity swap.

Aviva and Legal & General also announced buy-in deals with small schemes this week. For more information, see our latest bulk annuities update.

Appointments: West Yorkshire and NILGOSC look to fill job openings

The ￡18bn West Yorkshire Pension Fund is hiring three investment professionals for its in-house team, and NILGOSC is seeking a new chair and two independent members for its committee.

There are also new appointments at 3173 (parent to Dalriada Trustees Limited and Spence & Partners Limited ), Aon and Quietroom in this week's roundup.

Upcoming events

The DG Publishing team is looking forward to welcoming delegates for the LAPF Strategic Investment Forum starting on Monday at The Grove in Hertfordshire. It's a great agenda - and we promise to have you home in time to vote on Thursday.

Looking further ahead, we have our annual DB Strategic Investment Forum taking place on 17-18 September at Cameron Lodge by Loch Lomond. The current agenda is available here, and you can also register to attend.

And don't forget to register for the LAPF Investments Awards dinner on 3 October at the Pan Pacific in London. Bring your dancing shoes, too, as our host is Strictly Come Dancing star Anton Du Beke!

And finally... don't forget to vote on 4 July.