Expert witness services

Transcription

1 Credible experts with a proven track record Expert witness services Our team of professionals provide expert witness services across a range of specialist areas, with a particular focus on pension and investment related matters. The need for expert advice An expert actuary can provide claimants and defendants with a professional opinion on the grounds for any claim and quantify any loss suffered. The appointment of an appropriately qualified, experienced and credible expert can be crucial to the outcome of a case. Often a case will turn on the question of what the normal practices and procedures are in a particular set of circumstances. This requires a reliance on the evidence of an expert with specialist understanding and knowledge of often technically complex issues. The expert s ability to convey specialist knowledge to the instructing solicitor and ultimately a judge or arbitration panel is also of paramount importance. Jonathan Punter, CEO of the Punter Southall Group, heads up our actuarial expert witness services team. Jonathan is highly regarded in the pensions industry and has considerable experience and a credible track record in giving expert evidence in court. Look inside for: An overview of our full range of services Our experience, evidenced by three recent high profile case studies Introducing the expert witness team at Punter Southall

2 A full range of services Jonathan and his team can provide the full range of expert witness services which may include any number of the following steps when working on behalf of a claimant. Helping a client to establish the grounds for a potential claim Quantifying any loss often on a range of possible scenarios Attending mediation between the parties The provision of an expert report for a court or tribunal The giving of evidence in court or at a tribunal A similar range of actions may be required when acting for a defendant. Our service areas Some of the service areas where Punter Southall s dedicated team of experts can assist are: Occupational pension schemes Investment, finance and benefits Loss of pension rights Family issues Share based remuneration

3 Our experience Jonathan and his team have built up a vast amount of experience in the provision of expert witness services. The majority end in a settlement, but inevitably a number do result in court proceedings. Case study 1 Scottish Widows Background Jonathan Punter was appointed to provide an expert opinion on the validity of allegations made against Scottish Widows and one of their employees. The case centred on advice they gave to the trustees of a pension scheme in 1999 which resulted in the surrender of a Scottish Widows deferred annuity contract in favour of a Scottish Widows managed fund. The trustees asserted that the advice provided by the Scheme Actuary and by his employer was inadequate, stemming from a clear conflict of interest. Our role Jonathan found that the Scheme Actuary and indeed Scottish Widows had acted entirely properly. Jonathan independently verified the quantum of the claim and prepared a formal expert report for the court detailing his findings and his reasoning. Jonathan also provided detailed comments on the expert report prepared on behalf of the trustees, identifying a number of key flaws in the rationale provided and hence the arguments advanced by the pursuers. Jonathan then attended a meeting with the expert appointed by the pursuers and produced a joint note. When the case went to trial, one of Jonathan s team attended court during the evidence of the expert appointed by the trustees to assist the legal team with matters arising out of his evidence of an actuarial nature. Jonathan then attended court to give his evidence. Case outcome At the Court of Session in Edinburgh, Lord Hodge found in favour of Scottish Widows ruling that there was no professional negligence in respect of actuarial advice provided by Scottish Widows. Feedback The following is an extract from a press release made by Scottish Widows shortly after the judgement was made: The actuarial advice provided to the trustees by Scottish Widows in 1999 was supported by an expert witness, Jonathan Punter of Punter Southall. Lord Hodge could that the actuarial advice was within acceptable actuarial practice and noted the actuarial advice given to the trustees.

4 Case study 2 Sea Containers Limited Background David Cule, another director of the Punter Southall Group, provided expert evidence in the Chapter 11 bankruptcy proceedings which took place in May 2008 in Delaware in relation to Sea Containers Limited (SCL). SCL was a particularly interesting case because it was the first instance of the Pensions Regulator exercising one of the moral hazard powers bestowed upon it by the Pensions Act SCL, a Bermuda based entity filed for Chapter 11 bankruptcy protection in Delaware in October Sea Containers Services Limited (SCSL), a wholly owned subsidiary of SCL, was the principal employer of two underfunded defined benefit pension schemes in the UK. The use of the Pension Regulator s powers in the circumstances was never in question, despite the fact they were directed at an entity outside of the EU. SCSL was a service company; SCL had received financial benefit from its ownership of SCSL and no funding plan for the schemes existed. The trustees of the pension schemes filed claims which included the full section 75 buyout debts in the pension schemes. A group of creditors were contesting these claims as being excessive, contending that it would be more appropriate for the debts to be calculated on an ongoing basis and with reference to a prudent investor rate. Our role David was instructed to provide a professional opinion on the appropriate method for valuing the liabilities of the pension schemes, including the range of assumptions which might be appropriate to determining the debts due to the pension schemes under applicable UK law and practice. David submitted an expert report which was used in evidence and later testified in the Bankruptcy Court. David also supported the legal team working on behalf of the trustees in preparing their questions for cross-examination of the expert appointed by the creditors contesting the trustees claim. Case outcome The judge accepted the arguments put forward by David and the other experts appointed by the trustees and ruled that the full section 75 buyout debts calculated by the Scheme Actuary were in fact the correct amounts for the purpose of the trustees claim against SCL. Case study 3 Alitalia-Linee Aeree Jonathan Punter was requested to prepare an expert report in the case of Alitalia-Linee Aeree Italiane SPA v Rotunno and others, regarding the construction of the pension scheme s contribution rule and actuarial interpretations of it with regard to what funding targets were appropriate. Jonathan went on to give evidence in Court in January 2008, with the judge making the following observation in his judgement: I was fortunate to have the assistance of two distinguished and experienced actuaries,

5 Introducing the team Jonathan Punter FIA Jonathan Punter is a founding partner and Chief Executive Officer of the Punter Southall Group. He is a qualified actuary who has spent over 30 years working in the pensions and investment industry, advising both trustees and corporate entities on actuarial, investment and administration matters in the UK and internationally. In addition Jonathan is a director of Punter Southall Financial Management, a firm of Independent Financial Advisors, as well as a director of a number of investment funds and has been nonexecutive Chairman of Neptune Investment Management since The experience Jonathan has gained fulfilling a wide range of roles leaves him uniquely placed to provide an expert opinion on a broad spectrum of pension and investment matters. Jonathan is supported by a team of experienced professional staff, made up of pension and investment actuaries and other specialists from across the Group s businesses. The combination of businesses in our Group is unusual but is not accidental. We have always aimed to be able to provide complete solutions to our clients. The unique range of skills within our Group enables us to do so. Jonathan Punter There are other experts within the Punter Southall Group, including David Cule, Richard Jones and Clare James. Chris Parlour & Matthew Claisse The majority of expert witness assignments undertaken within the team in recent years have been managed by either Chris Parlour or Matthew Claisse. Both are qualified actuaries with more than 25 years experience in the pensions industry between them. Each has been involved in a wide variety of cases, working closely with Jonathan to help him to formulate his opinion and to deliver the required services in a timely and cost effective manner. Get in touch If you would like to discuss our services in person or obtain any further details, please contact one of the expert witness team by or telephone. Chris Parlour FIA chris.parlour@ puntersouthall.com Matthew Claisse FIA matthew.claisse@ puntersouthall.com

6 Punter Southall Group structure A summary of the Group businesses is set out below, illustrating the range of subject matters upon which Jonathan and the team are able to advise: For further information, visit our website at WINNER: SPECIALIST DUE DILIGENCE Niche adviser of the year Punter Southall Transaction Services UK - Pensions & Actuarial Due Diligence Adviser of the Year Punter Southall Transaction Services Punter Southall is a trading name of Punter Southall Limited Registered office: 11 Strand, London WC2N 5HR Registered in England and Wales No A Punter Southall Group company