Paul Phillips



Paul is head of the firm’s finance and investment group. He has very wide experience of advising schemes about the legal aspects of their investment arrangements.

For a number of clients he has dealt with major restructurings of investments resulting from the adoption of a more “liability driven” approach – including the negotiation of ISDA Master Agreements with a panel of counterparties, swaps overlay agreements, new investment management and custody agreements and due diligence on a wide range of investments including hedge funds, GTAA, private equity, infrastructure and credit funds.

This has also involved advising trustees during their discussions about new strategies, including the development of an appropriate governance structure for the new investment model.

Paul has significant recent experience of complex longevity swap transactions intermediated through captive insurance structures, including the £7billion longevity transaction for the HSBC Bank (UK) Pension Scheme, the second larges ever deal for a UK pension scheme. This type of work has included negotiating positions with several reinsurers on novation and partial termination rights to allow the scheme flexibility for buy-in or buy-out at a later stage, or to update its captive insurance arrangements.

Memberships and Qualifications

Membership of professional bodies:
Association of Pension Lawyers (Full Member)

Career history

Qualified: 1991, England & Wales

Pensions experience since: 1991

Joined Sackers: 1991

Joined partnership/LLP: 1998

Employers: Wilde Sapte (1989-1991)

Academic history


University of Oxford (1984-1987)
The College of Law, Guildford (1987-1989)

Degree: BA (First Class)

Further Information


  • Paul Phillips is “very practical, knows what his clients need and will always come up with practical solutions without sitting on the fence,” notes a source. He has wide and varied experience in the pensions field and handles matters regarding restructuring, investments and other funding issues – Chambers UK 2019
  • Paul Philips is a well regarded partner who is praised for his technical expertise – Chambers UK 2018
  • Paul is described by clients as a “‘first-class’ investment partner” – Legal 500 2017
  • Named as a leading lawyer – Legal 500 2017 and 2012
  • Head of the finance and investment group Paul Phillips is an expert in the investment management, arrangements and restructurings relating to pension funds. He is considered to be a “very strong and diligent player.” – Chambers UK 2017
  • Paul Phillips heads the firm’s finance and investment group and is recognised for his experience with respect to a wide range of investment arrangements. Areas of expertise include the negotiation of ISDA Master Agreements – Chambers UK 2016
  • The “excellent” Paul Phillips recently worked for Carillion (DB) Trustee on a £1 billion longevity swap for five pensions schemes with approximately 9,000 members. He is described by his clients as “hard-working, and delivers what is required.” – Chambers UK 2015
  • Paul Phillips specialises in pension scheme investment issues. One commentator states that he is a “sensible and knowledgeable person” – Chambers UK 2014
  • Investment partner Paul Phillips led on the transfer of £28.5bn assets [from the Royal Mail Pension Plan] to a new, government-backed scheme – Legal 500 2013
  • Paul is praised by clients for his experience on pensions investments, including longevity swaps. He is an expert on the investment side and heads the firm’s de-risking group – Chambers UK 2012
  • Paul’s “advice and work ethic on major contracts is second to none”  – Legal 500 2011
  • Paul ‚“is good on detail and extremely dogged, and never gets ruffled” – Chambers 2011
  • Paul “will not be influenced by histrionics and will diligently get on with the job” – Legal 500 2010