Stephen Richards

Head of pensions advisory

A big scheme specialist, Stephen advises employers, trustees, and master trusts on all types of pensions issues. He has a commercial style on strategic issues and brings a responsive approach on day to day matters. With the ability to present complex ideas in a simple way, Stephen has helped a variety of clients with tricky pensions issues, from the trustees of global banks to UK manufacturers.

Stephen joined Stephenson Harwood from Allen and Overy to complement our strong and growing pensions team. As a rising star in pensions law, Stephen further enhances the reputation of the firm's pension practice.

He is an expert on pensions in the banking sector, large pension schemes, Pensions Regulator issues and master trusts. Stephen has experience on major strategic projects including advising on the acquisition of a major master trust provider and the largest company contribution made to a pension scheme to date. Stephen is also a trustee so he understands what trustees need from their advisers. Stephen established the Pensions Innovation Café, and likes to present advice in a modern, user friendly way.

Stephen‘s recent experience includes advising on multiple transfers to DC master trusts and the trustees of several of the UK's major pension schemes on all day to day legal issues. He also gave strategic advice on major Pensions Regulatory issues for a FTSE 100 company as well as to a global telecoms company on world-wide pensions issues.

 

Stephen Richards is a very charismatic and able lawyer. He seems to be a real rainmaker – since joining the firm they have picked up some very big clients.

The Legal 500 UK 2020
Insights

The Autumn Budget 2024: what does it mean for pensions?

Much of the Government's commentary in the run up to this week's Budget focussed on the "£22 billion black hole" the Chancellor has identified in the public finances. Indeed, those who played "Budget Bingo" while watching on Wednesday will have been excited to hear Rachel Reeves mention the £22 billion black hole no fewer than five times. The cost of current pensions tax relief is estimated to be £48.7 billion. So, no surprises that the Chancellor is seeking to plug that black hole with further limits on pensions tax relief.

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Getting Britain moving: A pensions perspective

On 9 July 2024, Stephenson Harwood LLP and AtkinsRéalis are hosting a Top Table Lunch during which Juergen Maier (who is leading a Rail and Urban Transport Review for the Labour party) will be in conversation with Stephenson Harwood partner Tammy Samuel. Following Labour's win at the general election on 4 July 2024, this will be the first opportunity for the rail industry to learn more of its plans..

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Lifetime allowance abolition – an update

The UK Lifetime Allowance (LTA) tax charges ceased to apply from 6 April 2023, and the LTA itself was abolished with effect from 6 April 2024. Rather than a simple abolition, the LTA has, however, been replaced by lump sum allowances which continue to limit the amount of tax-free cash that an individual can receive from registered pension schemes and from some overseas schemes that hold UK tax-relieved amounts.

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