Vicky Carr

Partner

About

Vicky is a banking and finance specialist with over 15 years’ experience and is part of Sackers’ Finance & Investment group.

Vicky advises pension trustees and employers on a wide spectrum of funding and security solutions, including asset-backed funding (ABF)/asset-backed contribution (ABC) structures with a range of underlying assets, in-specie contributions, bespoke arrangements in the context of corporate takeovers and contingent assets – guarantees, escrow arrangements, surety bonds, letters of credit and charges over real estate.

Vicky also oversees the certification to the PPF of contingent assets on behalf of Sackers’ clients and has advised trustee clients on the recently introduced certification of ABC structures.

In addition, Vicky is the head of Sackers’ Financial Sector team, which considers and advises Sackers’ clients on the impact on pension schemes of financial sector legislation and regulation.  Vicky is part of both the Banking Reform Forum, a forum comprising the chairs of trustees of the large UK bank pension schemes and the Pensions Working Group, an industry working group comprising the members of the Banking Reform Forum, representatives from sponsor banks, HM Treasury, the Pensions Regulator and the Prudential Regulation Authority.

Vicky’s work highlights:

Asset-backed funding structures

• Advising, in conjunction with external specialists, on a complex real estate asset backed contribution structure with a nominal value in excess of £100 million

• Advising trustees in relation to an asset-backed funding structure involving loan notes in the context of a scheme merger

• Advising the trustee of the Siemens Benefit Scheme, in conjunction with external specialists, on an asset-backed funding structure involving cross-border intra-group loan obligations with a nominal value in excess of £300 million

• Advising, in conjunction with external specialists on a complex asset-backed funding structure involving receivables with a nominal value in excess of £250 million

• Advising trustees on the certification of such structures to the PPF for levy reduction purposes.

Contingent assets

• Acting for the trustees of a FTSE 100 company pension scheme in relation to a cash escrow arrangement used as an alternative funding solution to limit the risk of trapped surplus in the scheme

• Advising in relation to a cash and securities escrow arrangement of c.£250 million put in place to secure the scheme’s journey to buyout

• Advising an employer in relation to a £100 million cash and securities escrow arrangement to support a defined benefit underpin

• Acting for the trustees of a large pension scheme in relation to a cash and securities escrow and letter of credit arrangement with a value in excess of £500 million

• Advising trustees on the implementation of a surety bond in replacement of a letter of credit

• Acting for pension scheme trustees and employers on PPF-form contingent assets, including Type A guarantees, Type B(i) security over cash, Type B (ii) security over real estate, Type B(iii) security over securities and Type C(i) letters of credit/bank guarantees.

Banking reform

• Advising the trustees of major bank and building society pension schemes on the implications of the Final Report of the Independent Commission on Banking (the Vickers’ Report), the Banking Reform White Paper, the Financial Services (Banking Reform) Bill, the Financial Services (Banking Reform) Act and the EU Recovery and Resolution Directive

• Successfully lobbying HM Treasury and the EU Parliament in relation to the issues arising out of the banking reform proposals for bank pension schemes

• Attending meetings of the Banking Reform Forum and the Pensions Working Group.

Other

• Advising the trustee of a pension scheme with an overseas guarantor on bespoke arrangements to ensure the guarantor could meet its obligations on an ongoing basis which included financial covenants, an escrow arrangement and specific remedies for breach

• Acting for the trustee of a large pension scheme to secure protection for Scheme members in the context of a potential corporate takeover

• Advising a local authority in relation to a loan facility from the European Investment Bank

• Acting for the trustees of a major pension scheme in relation to in-specie contributions with a value in excess of £500 million

• Advising the trustee of the Lloyds TSB Group Pension Scheme No.1 on the £1.16 billion disposal of its share of re-securitised US RMBS.


Memberships and Qualifications

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


Career history

Qualified: 2001, England and Wales

Pensions experience: 2011

Joined Sackers: 2011

Employers: Hogan Lovells International LLP (1999-2011)


Academic history

University/College

Manchester University (1993-1996)
Legal Practice Couse (1997-1998)

Degree: LLB Law (Hons)
Diploma in Legal Practice


Further Information

Testimonials:

Vicky’s work product was first class, providing excellent advice and delivering top notch legal documentation in a timely fashion. Vicky is an excellent and very commercially minded lawyer.” Stuart Hastie, former associate director at Lloyds Banking Group; recommendation on Linkedin