Cindy Smith
Cindy is a Senior Counsel in the Derivatives & Structured Products Group at Travers Smith.
Cindy is an experienced finance lawyer whose practice is predominantly focussed on advising pensions clients. Cindy advises pension scheme trustees and sponsoring employers on scheme funding, investment and covenant matters. Cindy has expertise in security and contingent funding arrangements in the context of pension scheme funding negotiations and corporate activity. She has advised a number of large UK pension schemes on contingent asset solutions including guarantees, asset-backed contribution structures and escrow arrangements and on the legal aspects of investment management and risk transfer. Cindy also advises large DC and master trust clients on a broad range of matters, and is a key member of the team which advises Nest.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2004
Membership
- Association of Pension Lawyers
1 Contributions by Cindy Smith
PRACTICE NOTES
UK occupational pension scheme trustees: drafting and negotiating discretionary investment management agreements: key regulatory and commercial issues
The management of assets belonging to another person on a discretionary basis is a 'regulated activity' overseen by the Financial Conduct Authority (FCA).
As a general position, trustees of occupational pension schemes (Trustees) are not typically authorised by the FCA, or under applicable legislation, to manage most categories of scheme assets. Consequently, Trustees must pass day-to-day investment decisions to an FCA-authorised party to implement investments on their behalf. A frequent approach is to appoint an investment manager (the Manager), which constitutes a delegation of their core investment responsibilities. When a Manager is engaged under a discretionary investment management agreement (an IMA), the Trustees confer their discretionary investment powers. The scheme employer may also join the IMA to meet requirements connected to recovering VAT—see Practice Note: VAT and pension scheme costs. In contrast to investment advisory mandates or non-discretionary management arrangements, the Manager is empowered to execute transactions for the Trustees. Accordingly, it is vitally important that the Trustees are clear about the scope...
Pensions
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