I am a pensions director who advises both major corporates and trustee bodies on a broad range of defined benefit and defined contribution issues. I also head up the Pensions team's six-person public sector pensions unit.

Tel: +44 (0)121 260 9836

Email: paul_carberry@wragge.com

Best brains in...

Advising contractors and public sector bodies in relation to the pension aspects of public sector-to-private sector outsourcing arrangements. This includes the implications of the Fair Deal guidance, the Best Value Authorities Staff Transfers (Pensions) Direction 2007 and how pension risks can be managed as part of the wider outsourcing process.

Highlight of your career so far?

A call from the finance director of the UK subsidiary of a major global telecommunications company. It followed the completion of a lengthy and complex round of funding negotiations with the trustee bodies of its various UK pension schemes. I was told that we had "genuinely cared for our client" during the process. We provide stand-out service and thereby play a key role in assisting clients to deliver their commercial objectives.

Most challenging job you've ever done?

Advising the trustees of a pension scheme sponsored by several UK subsidiaries of a global automotive manufacturer whose US parent entered Chapter 11 proceedings in the US. The UK subsidiaries sponsored four UK pension arrangements. It became apparent that the UK sponsors were themselves about to enter insolvency proceedings. This required detailed and lengthy discussions between the four sets of trustees, the UK sponsors, the US parent, the Pension Protection Fund and the Pensions Regulator to ensure that our client took all available steps to protect its members' benefits. It was complex and very challenging.

What about outside the UK?

I acted for a US law firm to provide UK pensions advice to a major US bank considering an existing borrower's proposals to restructure its financing arrangements. The restructuring required the bank to take security over the assets of the borrower's UK subsidiary. As the subsidiary was the sponsor of a defined benefit pension scheme, we advised the bank on the implications of the subsidiary seeking clearance from the Regulator in respect of the proposal, the Regulator's powers in such situations and the role of UK pension scheme trustees and the impact they could potentially have on the proposed restructuring.

What's your definition of great client service?

Client service is more than just turning up to quarterly trustee meetings and ensuring compliance with legal requirements. It's about thinking more widely and setting out the complete range of available options. The trustee directors of an existing trustee client have said that because of this approach we are regarded as an essential part of the decision making team.

When have you ever given a client a real competitive edge?

I acted for a major UK services, maintenance and buildings contractor entering into a large, long-term service contract with a local authority. As part of the process my client had to obtain admitted body status in the Local Government Pension Scheme, the costs of which are unpredictable and potentially significant. Initially, the local authority was unwilling to consider any form of risk sharing of the pension costs. I explained that in my experience an increasing number of local authorities regarded sharing the risk with the contractor as the only viable way of delivering 'best value' through the contract. Eventually the local authority agreed to the contractor paying a capped level of contributions over the life of the contract and to meet any termination liability at the end of the contract. This resulted in a material reduction in my client's exposure to pension risk.

What's your single greatest contribution to Wragge & Co's corporate responsibility?

Completing a 35-mile sponsored walk up hill and down dale in the Lake District with several other members of the Pensions team. The official walk was only 30 miles but we got lost… very, very lost.