Roderick joined Herbert Smith in 2003 and became a partner in 2007. The focus of his practice is on the corporate strategy aspects of pension arrangements. He is expert in advising buyers, targets and sellers on the effect of pension schemes in M&A transactions, dealing with the Pensions Regulator, the need to seek clearance and strategies for obtaining it.
He advises on secondary pensions buy out market transactions for corporates looking to off-load their pension liabilities, whether as part of a transaction or simply to improve shareholder value.
On the corporate recovery side, he has advised on a number of debt-to-equity deals with the Pensions Protection Fund. He advises companies and trustees on employer covenant issues and funding discussions. He also has a substantial trustee client base and handles all aspects of traditional pension scheme design, maintenance and compliance.
Roderick is active in the Association of Pension Lawyers, is a member of the International Employee Benefit Association and holds the PMI/IEBA Diploma in International Employee Benefits.
Credentials
- advising the DTI on its relationship with Royal Mail Group, in particular the proposal to put £1 billion of Government money aside in an escrow to support the RMG Pension Fund
- advising US drinks and brands group Fortune Brands on its participation in the £7.4 billion takeover by Pernod Ricard of Allied Domecq. The transaction was the first to involve the Pensions Regulator in employer covenant negotiations arising from M&A work.
- advising UK transport company Stagecoach Group on the sale of their London Bus divisions to Macquarie Bank which involved the demerger of part of its defined benefit scheme and the use of apportionment methodology as a means of protecting employees and avoiding substantial termination debt liabilities.
- advising insurance broker Heath Lambert on its restructuring. In the first transaction of its kind, the Pension Protection Fund was persuaded to agree to take on the responsibility for the company's pension arrangements in return for an equity stake in the restructured business.
- advising the trustees of the Hobourn Group Pension Scheme, part of US automotive parts manufacturer Dana Corporation, on the proposed CVA of the UK part of its business
- advising Wales and West Utilities Limited, a regulated gas distributor, on its relationship with the trustees of its defined benefit pension plan in the context of a regulated utility
- advising tube operator London Underground Limited on treatment of pension costs under the financial models used for pricing PFI contracts and on the quality of the employer covenant of contractor organisations.