The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Lovells has been drafted in by Pearl Group to advise on the £4.5bn restructuring of subsidiary Phoenix & London Assurance Limited’s (Palal) with-profits fund.
The aim of the restructuring is to increase the potential pension pot of Palal policyholders.
Lovells London-based partner Alex Wood led a team advising the company on a deal that will see the 49,000 Palal policyholders release funds set aside to honour a guaranteed pension rate, with the money being invested according to a new strategy.
“What this restructuring has done is free up funds for investment that were previously unavailable,” he said. “Of course, there’s a risk: annuities could go down even further. But really it’s a win-win situation because even with a low annuity rate the funds are increased dramatically.”
To get the go-ahead the planned restructuring had to gain approval from at least 75 per cent of policyholders. At a scheme meeting held in November last year, the plan gained 96.5 per cent support from policyholders for the deal.