Managing Counsel, UK Pension Fund

Job Description:

Opportunity Overview

BP Pension Trustees Limited ('the Trustee' or 'BPPTL') is the trustee of the BP Pension Fund ('the Fund'), bp's UK defined benefit pension fund. Notwithstanding its closure to accrual in 2021, the Fund is one of the UK's largest private sector occupational pension schemes, with assets of c.£18bn and c.54,000 members. BP Investment Management Limited ('BPIM') is an FCA regulated entity which manages the Fund's property and private equity portfolios.

BP Pension Trustees Limited is seeking a senior pensions lawyer to join its leadership team as the most senior legal adviser to the Trustee of the BP Pension Fund. Reporting to the Chief Executive Officer of BPPTL, the role holder will be a member of the Trustee's leadership team with wide-ranging responsibility for providing legal, regulatory and compliance support across the Trustee's organisation, in particular to the Trustee Board, the Trustee Executive and BPIM.

This is a rare opportunity for an experienced pensions lawyer from private practice or an in-house environment to move into a strategic leadership role at the heart of a major institutional pension fund. The role combines senior legal advisory responsibilities with team leadership and strategic governance oversight, working closely with the Trustee Board and executive leadership to shape legal strategy, oversee complex investment and regulatory matters, and ensure the Fund continues to operate with strong governance and compliance in a highly regulated environment.

For lawyers with deep expertise in defined benefit pensions and a track record advising large schemes, the role offers the opportunity to apply that experience in a position with real influence, collaborating with experienced investment, actuarial, technical and operational professionals while helping steward one of the UK's most significant pension funds.

Role Accountabilities:

• provide a combination of strategic, practical legal, regulatory and compliance advice, while ensuring the risks and implications are clearly understood
• lead a team of five comprised of experienced lawyers, compliance and company secretariat personnel
• manage the Fund's external legal counsel relationships and oversee work being provided by them
• get the opportunity to oversee and contribute on challenging pension industry matters, while collaborating with an in-house team of investment, actuarial, technical, administration and communications professionals

• provide effective sound and practical legal and regulatory advice to the Trustee and BPIM Boards and the Trustee Executive and BPIM teams, including managing the delivery of advice from external legal advisers (where relevant)
• oversee the provision of investment-related legal advice and support from the investment specialist (including external legal advice and support as appropriate) to:
  • the Trustee Executive in negotiating key investment agreements
  • the BPIM private equity team as required
  • the BPIM property team, including sign off on property litigation cases involving external counterparties
• compliance:
  • provide legal advice on corporate governance matters and other issues for example including ESG and climate
  • oversee work of the FCA compliance specialist to implement and continue daily review of Senior Manager and Certification Regime requirements, including regular training and supporting the Compliance function with ongoing regulatory support
• support the legal team with its delivery of effective, timely and pragmatic assistance to the Trustee, the Trustee's relevant sub-committees, and panels, BPIM and the Trustee's in-house administration function (as applicable) in relation to:
  • managing and responding to complaints and contentious matters, providing strategic advice on next steps and resolution
  • contracting with third-party advisers and suppliers, taking into account bp group contracting guidelines where appropriate

• changes in relevant legislation and/or the regulatory environments
• material internal projects and innovations.

• lead and support the team, creating and managing development opportunities, helping to build enduring capability
• build external pensions legal networks, both personally and for their team to maintain and foster industry leading practice for the Fund's operations

• build and maintain good working relationships and networks with the legal function and other stakeholders in bp group, while at all times taking into account the separate interests and duties of the Trustee. Leverage, as appropriate, relevant knowhow and good working practices

Required Skills & Experience:

• senior private practice or in-house lawyer with proven track record of advising £1bn+ DB pension schemes

• an ability to
  • be a senior trusted legal adviser to the Trustee and BPIM
  • work with key stakeholders to identify, assess, prioritise and manage legal issues and to advise clients from a commercial perspective, including developing proposals defining and mitigating risk, ensuring legal compliance and provision of robust strategic and commercial practical advice
  • work with a high degree of autonomy
  • assess appropriately the need for external counsel and to choose the appropriate law firm, applying strong budget and delivery management
• excellent verbal, written communication and interpersonal skills, with the ability to communicate in practical succinct terms
• strong negotiation skills and commercial judgement
• experience of working with relevant regulators and ombudsmen as the need arises
• a track record of taking a proactive, energetic and collaborative approach to the provision of legal support
• a strong leader and team player, showing diplomacy, flexibility and pragmatism
• alignment with bp values, particularly the courage to speak up.

Why Join Us?

We're committed to supporting leaders who want to make an impact. You'll have the chance to shape and influence outcomes across businesses. You'll be part of an inclusive environment where diverse perspectives are valued, and where your contribution to performance and integration matters.

We invest in the growth and wellbeing of our people, providing the resources, networks, and development opportunities needed to thrive. Our total rewards package includes competitive pay, bonuses, share options, and a range of flexible benefits designed to meet your needs - from healthcare and retirement plans to paid time off and agile working. We recognise that people have multifaceted lives, and we strive to offer a career experience that reflects that.

Travel Requirement
Negligible travel should be expected with this role

Relocation Assistance:
This role is not eligible for relocation

Remote Type:
This position is a hybrid of office/remote working

Skills:

Legal Disclaimer:

We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, socioeconomic status, neurodiversity/neurocognitive functioning, veteran status or disability status. Individuals with an accessibility need may request an adjustment/accommodation related to bp's recruiting process (e.g., accessing the job application, completing required assessments, participating in telephone screenings or interviews, etc.). If you would like to request an adjustment/accommodation related to the recruitment process, please contact us.

If you are selected for a position and depending upon your role, your employment may be contingent upon adherence to local policy. This may include pre-placement drug screening, medical review of physical fitness for the role, and background checks.