Vicky Carr

Partner

About

Vicky is a banking and finance specialist with over 16 years’ experience and is head of Sackers’ contingent asset and alternative funding solutions practice.

Vicky advises pension trustees and employers on a wide spectrum of funding and security solutions for defined benefit (DB) pension schemes, including asset-backed funding structures (ABF) /asset-backed contribution structures (ABC) 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 legal mortgages over real estate.

These funding and security solutions often arise in the context of scheme funding discussions, or where an event such as a takeover, sale, corporate restructuring, or change in legislation, impacts the employer covenant.  Vicky has broad experience across all of these areas.

Vicky also oversees the certification to the PPF of contingent assets and ABC structures on behalf of Sackers’ clients.

Vicky’s work highlights:

Asset-backed funding structures

  • Acting for trustees in relation to an asset-backed funding structure involving loan notes backed by stock 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
  • Acting for trustees, 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, in conjunction with external specialists, on a complex real estate asset backed contribution structure with a nominal value in excess of £100 million
  • Advising an employer in relation to the structuring of an asset-backed funding structure involving equities
  • Advising clients on the certification of such structures to the PPF for levy reduction purposes.

Contingent assets

  • Acting for the trustee of a multi-billion pound pension scheme on the provision of cash and gilts escrow arrangements, letters of credit, surety bonds and negative pledges in the context of a scheme sectionalisation
  • 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 an employer in relation to a £100 million cash and securities escrow arrangement to support a defined benefit underpin
  • 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 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

  • Acting for the trustee of a large pension scheme to secure protection for Scheme members in the context of a potential corporate takeover
  • Acting for the trustee of a pension scheme in relation to the provision of wider covenant support from an overseas group in the context of a 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 is listed as a Recommended Lawyer in the Legal 500, 2017
  • “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.” – Legal 500, 2017