Gary Davies

he/himLegal Director

Gary is a very approachable adviser who communicates with great patience and empathy.

— Chambers 2023

Emailgary.davies@dlapiper.com

Call(0) 151 237 4863

Liverpool Manchester

About

Areas of FocusLife Sciences

Professional QualificationsSolicitor of the Senior Courts of England and Wales

EXPERIENCE

Advised the trustee of the Royal Insurance Group Pension Scheme on the UK’s largest ever bulk annuity transaction. This landmark GBP6.5bn transaction was a highly complex and innovative solution that secured the liabilities of 40,000 members of the RIGPS and SAL Pension Scheme with Pension Insurance Corporation plc: RSA's UK schemes complete GBP6.5bn buy-in with PIC in largest ever bulk deal
Advised the trustee of the Svitzer Marine Pension Scheme (SMPS) in relation to an innovative solution involving a merger of all assets and liabilities of the SMPS with two other defined benefit schemes in the AP Moller Maersk group, combined with a simultaneous buy-in for all three schemes to secure all liabilities with an insurance company.
Successfully completed the buy-in of all deferred and pensioner member liabilities within the Redrow Staff Pension Scheme. This was important in securing all members’ liabilities with a reputable insurance company, the “gold standard” protection for members. The transaction was part of the trustees’ strategy to reduce the scheme’s exposure to risk, with the trustees agreeing to exchange the assets of the scheme for an insurance policy which exactly matches the projected cashflows for all future pension benefits. Under the bulk annuity policy, the Trustees will receive payments from the insurance company which they will use to pay pension benefits under the Scheme.
Advised the trustee of the Stantec Pension Plan (UK) in relation to the buy-in of all deferred and pensioner member liabilities (GBP125m) within the Biwater Section of the scheme, securing the benefits of such members with an insurance company. More on the deal here
Drafted the pension scheme rules for a global pharmaceutical company in preparation for a GBP25bn sale of subsidiary companies within the group.
Advised the trustees of the James Fisher pension scheme in relation to the unanticipated disposal of a participating employer in the scheme, which subsequently went into administration. This involved complex scheme funding and covenant advice for the trustees, taking into account complex refinancing arrangements undertaken by the employer group, which required notification to the Pensions Regulator. Our advice was very important in guiding the Trustees through the correct steps to ensure that the above did not have any detrimental impact on the security of members’ benefits and that appropriate arrangements were made for any employer debt by JFN Ltd was paid in full.
Advising the trustees of the Warburtons Pension and Life Assurance Plan in relation to a buy-in transaction to secure all pensioner liabilities with an insurance company. Some of the key tasks involved include a detailed review of all historic scheme deeds and documents in order to produce a specification of benefits to be insured, negotiation of contract terms with the insurer and advice to the trustees in relation to the crystallisation of their discretionary powers.

Education

College of Law, York, 2007

University of Durham, Law (2:1) (Hons), 2006

AWARDS AND RECOGNITION