UK - The Pension Protection Fund has appointed 27 law firms to provide legal advisory services.
"Essentially we have created a ‘pool' of 27 legal advisers," a PPF spokesman told IPE.
The advisers will be asked to give advice on one of the following areas: litigation, pensions law, transactional law, commercial law, regulatory and public law, employment law and financial law, said the spokesman
He added: "As and when specialist legal expertise is needed, we will contact one of the 27 firms for advice."
Commenting on the move, the spokesman said: "We need a large pool of advisers to avoid conflicts of interest. Sometimes a legal firm will already be employed by a pension scheme that is being assessed for entry to the PPF."
If that is the case the PPF would need to use someone else, as it would be considered unethical.
All 27 firms that are in the pool were chosen following a rigorous selection process, in which in total 32 firms tendered.
Some of the firms that have been appointed include: PricewaterhouseCoopers Legal, Hammonds, Clarke Wilmott, Lawrence Graham, Blake Lapthorn Tarlo Lyons, Addleshaw Goddard, Allen & Overy and Barlow Lyde & Gilbert.