Paul Carberry

Advising Affinity Water Limited in relation to establishing a five division, segregated pension scheme duplicating thirteen benefit structures in the Veolia UK Pension Plan, and drafting related documentation. This included an exercise reviewing the booklets issued by of the Veolia UK Pension Plan booklets, and revising and updating these to produce similar booklets for the Affinity Water Pension Plan.

Advising Amey on the pensions aspects of its £2.7 billion highways maintenance contract with Birmingham City Council. At the time this was the largest ever local government PFI. Paul advised on the "Fair Deal" requirements, drafting of the pensions schedule, the required 'pass through' protections and the terms of the LGPS Admission Agreement and Bond that Amey was required to enter. Subsequently, Paul advised Amey on similar issues in relation to their £2 billion highways maintenance contract with Sheffield City Council.

Advising the London Borough of Croydon as part of their root and branch review of its LGPS Fund's investment strategy. This involved the review of over 15 investment management agreements and funds documentation and, where appropriate, negotiating changes on behalf of the Fund. Paul advised Croydon on their obligations under the LGPS Investment Regulations and the wider governance issues to be addressed. In addition, Paul recently drafted Croydon's standard Admission Agreement, Bond and Guarantee to incorporate the changes introduced by the LGPS (misc) Regulations 2012.

Advising the Ministry of Defence (MoD) on the pensions' aspects of a complex £1.2bn, 15 year PFI deal for the provision of marine services in the Royal Navy. Paul advised the MoD on its "Fair Deal" obligations to its transferring employees and negotiated with the service provider and to construct an out of the norm transfer value payment mechanism from the PCSPS to meet the needs of both parties.

Advising sponsors and trustees such as Amey, Steria and Fujitsu in respect of the establishment and running of "broadly comparable" pension schemes.

Advising admission bodies such as Capgemini, Sanctuary, Citizens Advice Bureau, Wates, Care UK and Compass on the terms of their LGPS Admission Agreements and their obligations under the LGPS Regulations.

Advising the trustees of the £600m Pirelli Common Investment Fund in their appointment of Cardano to provide an investment advisory and fiduciary management service to the Fund. The Fund's appointment of Cardano was one of the largest fully delegated fiduciary management mandates in the UK in 2011.

Advising the trustees of the six UK pension schemes sponsored by Pendragon plc in relation to the investment in a property-backed special purpose vehicle. The SPV proposal was part of wider funding negotiations with the sponsor who needed to reduce its ongoing level of employer contributions as part of its own financial restructuring exercise.