Nine firms, including Macfarlanes, were invited to tender in a competition run by John Birch, secretary to BA’s pension schemes.
Eversheds’ appointment, led by pensions partner Anthony Arter, starts an entirely new relationship. Macfarlanes has worked with the trustees for over 13 years, making it the longest-serving legal adviser in the schemes’ 55-year history. Macfarlanes partner Hugh Arthur said: “The trustees have been great clients to work for and I wish the new advisers well.”
BA’s combined defined benefit pension schemes, with 100,000 members and assets of over £9bn, form the UK’s twelfth-largest pension fund.