Macfarlanes and Sacker & Partners have advised on a pensions deal that has seen record company EMI agree to pay almost £200m into its pension scheme.
The trustees of the EMI Group Pension Fund, who were advised by Sackers partner Peter Murphy, had been preparing for a hearing before the Pensions Regulator’s determinations panel in a bid to secure the long-term funding of the scheme, which has a deficit of more than £115m.
Prior to the hearing taking place EMI, which was advised by Macfarlanes partner Hugh Arthur, agreed to provide additional funding of £197m to the scheme, including an immediate payment of £16m.
The final payment under the scheme is due to be made in April 2016. This brings an end to four years of negotiations over its future.
Murphy said: “It’s tremendous news for everyone associated with the EMI Group Pension Fund that agreement has finally been reached in relation to its future funding.
“In the four years it’s taken to reach this agreement the trustees have worked tirelessly to achieve the best outcome they could possibly secure for their members.”
As the Pensions Regulator is satisfied with the terms of the arrangement the hearing before the panel has been cancelled.
Christopher Nugee QC and Jonathan Evans of Wilberforce Chambers had been preparing to represent the trustees in the hearing, with Brian Green QC and Andrew Mold, both also of Wilberforce, instructed by Macfarlanes to act for EMI.
The Pensions Regulator had turned to Michael Tennet QC and James Walmsley, again both of Wilberforce.