Philip Stear

Philip is an acknowledged expert in relation to technical pensions law and regulatory practice, and combines this with long practical experience of occupational pension schemes and the practical challenges they face in relation to governance and trusteeship, benefit design and modification, funding and security and member communications and disputes.

He advises in relation to the construction of pension scheme trust deeds, statutory and regulatory requirements, and breach of trust allegations. He is regularly instructed to advise in relation to questions of pensions-related taxation, including in relation to SSASs and SIPPs, being one of relatively few pensions barristers entirely comfortable in this area.

Notable Pensions cases

• Junior Counsel for Virgin Media (led by Nicolas Stallworthy KC) in Virgin Media v NTL Pension Trustees II Limited & others at first instance[2023] EWHC 1441 (Ch) and in the Court of Appeal [2024] EWCA Civ 843
  This was one of the pensions cases of the decade: finally resolving the effect on amendments to contracted out schemes of any failure to obtain an actuarial confirmation under regulation 42 of the Contracting-out Regulations 1996.
• Junior Counsel for Atos (led by Andrew Spink KC) in Railways Pensions TCL v Atos IT Services UK Ltd & another [2022] EWHC 3236 (Ch) at first instance [2022] EWHC 3236 (Ch) and in the Court of Appeal [2024] EWHC Civ 98
  Concerning the interpretation of the funding rules under the Railways Pension Scheme established on privatisation in the 1990s, and their interaction with the privatisation legislation.
• Junior Counsel |(led by David E Grant KC) in McGaughey v USS Ltd [2023] EWCA Civ 873
  Concerning whether a pension scheme member has standing to bring a derivative action on behalf of its corporate trustee alleging breach of duty by its directors.
• Junior counsel for the appellants (led by Gerard McMeel KC) in Dooley v Castle Trust & Management Services Ltd [2022] EWCA Civ 1569
  (In relation to a claim by investors who had transferred pension entitlements to a QROPS located in Gibraltar as a result of an alleged pensions scam) a claim establishing the jurisdiction of the High Court in England & Wales.
• Junior counsel for the representative member (led by Keith Bryant KC) in Britivic plc v Britvic Pensions Limited & Simon Mohun at first instance ([2020] EWHC 118 (Ch)) and in the Court of Appeal ([2021] EWCA Civ 867)
  Concerning the interpretation and scope of a pension increase rule permitting the employer to substitute “any other rate” of increase for the RPI-based rate otherwise identified by the rule.
• Acting as an expert witness (in proceedings before the Court of Session in Scotland) in relation to the practice of pensions solicitors in England & Wales.
• Advising the Board of the Pension Protection Fund in relation to the exercise of its powers in the context of transfers to superfunds.
• Advising the trustees of the Metal Box Pension Scheme in relation to GMP conversion.
• Advising the future representative defendant in relation to contemplated proceedings concerning the equalisation of benefits under an industry-wide pension scheme.
• Advising the trustees of a £1bn+ scheme in relation to their obligations in relation to GMP reconciliation.
• Advising the trustees of a £1bn+ scheme in relation to a merger proposal.
• Advising an employer participating in an industry-wide occupational pension scheme in relation to loss suffered as a result of a negligently prepared actuarial valuation.
• Advising (in the context of a corporate disposal) in relation to the construction of the pension increase rule, and in particular whether it required increases to be calculated by reference to RPI or CPI (in relation to a rule in substantially the same terms as that the subject of the decision of Nugee J (as he then was) in Carr v Thales Pension Trustees [2020] EWHC 949 (Ch))
• Advising a number of individuals in relation to their SIPPs and the application of the provisions of the Finance Act 2004 relating to investment-regulated pension schemes and specifically investments in taxable property (including residential property).
• Advising a number of individuals in relation to the options for tax-efficient devolution of benefit under a high value DC SSAS schemes.
• Advising a divorcing wife in relation to the assignment her husband had persuaded her to take from his company of the burden of his unfunded pension.