Wragge & Co advises on Fujitsu pensions deal
WRAGGE & Co’s Pensions team has advised the trustees of the 21,000 member Fujitsu pensions schemes on an £800m special contribution from Fujitsu UK & Ireland as part of a funding settlement.
The Birmingham-based law firm said the cash injection substantially improved the funding position of the electronic company’s defined benefit schemes.
Partner Jason Coates led the Wragge & Co team advising on the deal, assisted by partner Paul Feathers and associate Jane Blackwood. They worked closely with secretary to the trustees, Lindsay Hawkins, and the Trustee Boards.
Mr Coates said: “This is a significant agreement for the two Fujitsu pension schemes we act for and their members, providing a substantial improvement in funding levels. Having worked closely with the trustees for a number of years, we were able to quickly focus on their priorities and apply the right mix of commercial experience and technical expertise to help them achieve this successful outcome.”
“As always, the Wragge & Co team provided us with technically-excellent, commercial advice and a first-class service,” added Ms Hawkins.
Fujitsu is a global information and communication technology company which provides a range of technology products, solutions and services to customers in more than 100 countries. In the UK and Ireland, its business employs 10,100 people and in the last financial year recorded annual revenue of £1.6bn.
Wragge & Co has advised the trustees of the Fujitsu Comparable Pension Scheme and ICL Group Pension Plan of Fujitsu Services since 2010.
