Practice overview

Michael’s practice encompasses litigation and advice in the fields of pensions (including professional negligence), financial services and private trusts. Has appeared in many of the most high profile and complex pensions cases of recent years.

He has a particular knowledge of the work of actuaries, both in relation to pension funds and life assurance funds and is co author of the chapter on actuaries in Professional Negligence Law and Practice (LLP).

Michael has a first class degree in law from Oxford. He is a former member of the Main Committee of the Association of Pension Lawyers.

Michael's expertise

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Pensions

Disposals of surplus

  • Has advised on numerous occasions in relation to the disposal of surpluses from occupational pension schemes.  Successfully represented the trustees of the National Bus pension schemes in their action against the UK Government, which led to the recovery of almost £300m for pensioners and to various applications for directions as to the distribution of that sum: see   NBC Pension Trustees Ltd v Harrod [1999] 2 All ER 993.
  • Currently advising in relation to surplus issues in relation to two FTSE 100 companies.

Trustee’s duties to employers

  • MNRPF V Stena Line [2015] 046 PBLR 169 [2015] EWHC 448 (Ch). Successfully acted for Trustee in a case dealing the extent to which Trustees could and should take account of the interests of employers in decision making.
  • British Airways v Airways Pension Scheme Trustee: Acted for employer at first instance and in CA [2017] 085 PBLR (104) – [2017] EWCA Civ 1212 in successful challenge to the Trustees power to award discretionary increases while the scheme was in deficit Application to adduce expert evidence reported at British Airways Plc v Spencer & Ors [2015] Pens. L.R. 519

Employers’ duties to the beneficiaries

  • IBM United Kingdom Holdings Ltd v Dalgleish [paras 353-478. Acted for the representative beneficiary at first instance 2014] EWHC 980 (Ch); (2014) IDS Pensions LR 335 and CA [2018] 067 PBLR (035) – [2018] EWCA Civ 1533 in case which defined the limits of an employer’s so-called Imperial duty to maintain trust and confidence in exercising discretionary powers under an OPS.
  • Prudential Staff Pension Trustee v Prudential [2011] 055 PBLR – [2011] EWHC 960 (Ch) successfully defended employer against claims of breach of the employer’s Imperial duty to maintain trust and confidence in relation to the exercise of discretionary powers to increase pensions.

Trustees, duties in relation to the PPF

  • Independent Trustee Services Limited v Hope [2009] 75 PBLR (Ch), the Times 10 November 2009, (successfully acted for the Pensions Regulator in a dispute as to Trustee’s duties in relation to the interests of the PPF.
  • Brass Trustees v Goldstone [2023] EWHC 1978 (Ch). Acted for the Pensions Protection Fund in proceedings for directions as to whether the Trustees should consistently with the principles in ITS v Hope issue a petition for the winding up of a pension scheme.

Scope of powers of amendment

  • BBC v BBC Pensions Trust [2024] EWCA Civ 767. Acted for the BBC in proceedings to determine the scope of the power to amend the BBC scheme to terminate future accrual.
  • Mitchells & Butlers Pension Fund v Mitchells & Butlers [2022] 003 PBLR – [2021] EWHC 3017 (Ch). Acted for Trustee in successful proceedings against the employer concerning the ability of the employer to reduce the rate of increases to pensions under the scheme. The case involved issues for rectification, invalidity, and construction of the amendment power.

Investment advisers / LDI claims

  • Currently advising in relation to two claims against investment advisers to recover losses to pension schemes as a result of LDI investments made by the scheme.

Moral Hazard / Regulatory

  • Regularly instructed by both the Regulator, trustees and employers in relation to FSD and Contribution Notice and other regulatory proceedings including:
  • Re Nortel Networks UK [2010] 066 PBLR (Ch). Acted for Trustee of scheme in successful proceedings for a FSD before Determinations Panel of the Regulator.
  • Trustees of the Nortel Scheme v NNL (in administration) and NNI (in administration) [2015] Acting for the trustees of the Nortel scheme in enforcing FSD claims against Nortel group companies in Europe, the US (Chapter 11 insolvency proceedings) and Canada (CCAA proceedings).
  • Re Telent [2008] 05 PBLR. Acted for the Pensions Regulator in successful proceedings for the appointment of independent trustees.

Pension claims in insolvency proceedings / section 75

  • Gleave v PPF [2008] EWHC 1099 (Ch). Successfully represented the Pension Protection Fund in insolvency proceedings as to the correct way to quantify a section 75 debt in the T&N insolvency.
  • Bloom v Pension Regulator [2014] AC 209 (Supreme Court) [2012] 1 All ER 1455 (Court of Appeal) The Times 4 March 2011, acted for trustee of scheme in proceedings which established the priority of a FSD in the Nortel insolvency.
  • Trustees of the Nortel Scheme v NNL (in administration) and NNI (in administration) [2015] Acted for the trustees of the Nortel scheme in enforcing claims against Nortel group companies in the US (Chapter 11 insolvency proceedings) and Canada (CCAA proceedings). Proceedings took place in Toronto and Delaware June – September 2014. Successfully argued for pro rata allocation of dispute over division of $US 7.9 billion sale proceeds of Nortel’s global business in proceedings in Toronto and Delaware.

Variation of pension benefits by contract

  • SWT v Wightman [1998] PLR 114. Successfully acted for the employer in leading case as to the variation of pension entitlements by contract.

Winding up / restructuring

  • Advised on numerous occasions as to the legality of proposals designed to reduce pension scheme liabilities.
  • Pollock v Reed [2015] EWHC 3685 (Ch). Acted for the Pensions Regulator in proceedings to determine the legality of proposed exercise of powers intended to restructure and reduce pension scheme liabilities.

Pension Scheme rectification

  • Mitchells & Butlers Pension Fund v Mitchells & Butlers [2022] 003 PBLR – [2021] EWHC 3017 (Ch) (see above).
  • Lansing Linde v Alber [2000] PLR 15. Successfully represented a beneficiary in first reported rectification case in relation to a pension scheme.
  • AMP v Barker [2001] PLR 77. Successfully represented the employer in first successful rectification claim in relation to a pension scheme.
  • Gallaher v Gallaher Pensions Ltd [2005] PLR 103 Successfully represented an employer in contested rectification proceedings.

CPI / RPI increases

  • The Qinetiq Pension Scheme [2012] 036 PBLR (025) – [2012] EWHC 570 (Ch). Acted for Trustees seeking Court Approval to change the basis of indexation of benefits from RPI – CPI. Have subsequently advised other schemes in relation to this issue.
  • Re the Britvic Pension Plan. Acted for Trustee in a dispute as to the validity of a purported power to reduce the rate of increases to pensions under the scheme.
  • BA v BA Pensions Trustees CA [2017] 085 PBLR (104) – [2017] EWCA Civ 1212.  Acted for the employer in a case concerning the Trustees powers to award discretionary increases above CPI while the scheme was in deficit and their duties to the employer.
  • Drake Insurance plc v MacDonald [2005] EWHC 3287 (Ch) [2005] EWHC 3287 (Ch); [2005] O.P.L.R. 395; [2005] Pens. L.R. 401 Successfully acted for the Claimant in early reported case on the use of non-contested procedures to decide rectification cases.
  • Has acted on numerous other summary applications for rectification e.g. Merchant Navy Officers Pension Fund Trustees v Watkins [2013] EWHC 4741 (Ch)

Recovery of assets

  • NBC Pension Trustees Ltd v Harrod [1999] 2 All ER 993. Successfully represented the trustees of the National Bus pension schemes in their action against the UK Government, which led to the recovery of almost £300m for pensioners and to various application for directions as to the distribution of that sum.

Money purchase benefits

  • Aon Trust Corporation Ltd v KPMG [2006] 1 WLR 97 (CA). Successfully represented a member of scheme in successful proceedings to establish the “money purchase” nature of scheme and the employer’s funding obligation.
  • Have advised subsequently on the implications of Houldsworth v Bridge Trustees and Secretary of State for Work and Pensions [2011] 078 PBLR – [2011] UKSC 42 and the consequential amending regulations.

Public sector pensions

  • Advised charitable body as to how to restructure and limit liabilities under the LGPS (Administering Authority was Kensington & Chelsea).
  • Advised Community Admissions Body in dispute with Hampshire CC as to its obligations on cessation of participation in Local Government Pensions Scheme (including implications of CA decision in South Tyneside v Lord Chancellor)
  • Represented Mitie Property Services in 2 week trial over obligations under an admissions agreement and under the LGPS: Wolverhampton County Council v Mitie Property Services [2015]
  • Advised L.B. of Lewisham on its obligations as administrator of the LGPS.
  • Advised Westminster Council in relation to its obligations as an employing authority
  • Advised LB Redbridge in relation to its rights and obligations under the LGPS concerning an admitted body
  • Advises regularly on the Local Government Pension Scheme especially in relation to admitted bodies and admission agreement
  • Advised the Department of Constitutional Affairs in relation to its discussions with the judges as to the impact of the ‘A-day’ changes on their pensions.

Early retirement / redundancy

  • Agco v Massey Ferguson Works Pension Trust Limited PLR 241 (CA). Successfully represented employer in dispute as to an entitlement of employees made redundant to early retirement pensions. Leading case on the meaning of “retirement”.

Pension Ombudsman

  • Henderson v Stephenson Harwood [2005] 03 PL. Successfully represented an employer in an appeal from pensions ombudsman.

 

Download Pensions CV

  • Quote symbolMichael is one of the pre-eminent pensions silks. He can be relied on to provide incisive and authoritative advice.

    Legal 500 2025

  • Quote symbolMichael Tennet is exceptionally bright and is able to convey complex issues in an easily understandable manner.

    Chambers & Partners 2025

  • Quote symbolMike is a fighter in court and leaves no stone unturned.

    Chambers & Partners 2025

  • Quote symbolHe brings clear expertise in pensions and standout strategic vision.

    Chambers & Partners 2025

  • Quote symbolMichael is one of the outstanding barristers at the Bar.

    Chambers & Partners 2024

Pensions insights & events View all thought leadership View all events

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    External Conferences

    White Paper’s Pensions Law & Practice Conference

    Thursday 10 October 2024
    The Caledonian Club, London

    Speakers:
    Michael Tennet KC

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    Articles

    Fetters on pension scheme amendment powers revisited: British Broadcasting Corporation v (1) BBC Pension Trust Limited (2) Christina Burns [2024] EWCA Civ 767

    Article by: Joseph Steadman 1.    On 9 July 2024, the Court of Appeal handed down judgment in an appeal concerning the limits on a power to make alterations in the BBC Pension Scheme (the “Scheme”). The appeal was dismissed, and... Read more

    By Brian Green KC | Michael Tennet KC | Edward Sawyer | Joseph Steadman
    Thursday 18 July 2024

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    Recent Cases

    Court of Appeal hands down judgment in British Broadcasting Corporation v BBC Pension Trust Ltd

    Pensions

    Brian Green KC | Michael Tennet KC | Edward Sawyer | Joseph Steadman
    Tuesday 9 July 2024

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    Events / Webinars

    Wilberforce Nugee Memorial Pensions Conference & Dinner 2024

    Wednesday 19th June 2024 | 12.15pm - 5.40pm, followed by drinks and dinner by Nobu
    Nobu Shoreditch, London

    £140 - £190 + VAT | 3.5 CPD

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Commercial disputes

Financial Services/Commercial:

  • Regularly advises on the operation of UK with profits funds and on the interpretation of with profits and other investment contracts.
  • Acted for leading insurer based in Hong Kong on the interpretation of their charging structure in potential dispute with regulator.
  • Has undertaken UK disciplinary cases (accountants)
  • Has acted for both the Jersey FSA and the Guernsey FSA.
  • Reported cases include: Cocking v The Prudential Assurance Co Ltd [1996] PLR 235.

Download Commercial disputes CV

  • Quote symbolMichael Tennet is exceptionally bright and is able to convey complex issues in an easily understandable manner.

    Chambers & Partners 2025

  • Quote symbolMike is a fighter in court and leaves no stone unturned.

    Chambers & Partners 2025

  • Quote symbolMy go-to silk for a good reason. He is commercially minded, astute, has seen everything and is fun to work with.

    Chambers & Partners 2024

  • Quote symbolMichael is incredibly clever. He's very commercial, hands-on and very easy to deal with, and he's very good with clients.

    Chambers & Partners 2024

  • Quote symbolMichael is one of the outstanding barristers at the Bar.

    Chambers & Partners 2024

Commercial disputes insights & events View all thought leadership View all events

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    Events / Webinars

    Wilberforce Fraud, Trusts & Asset Recovery Conference 2024

    Thursday 4th July 2024 | 12.30pm - 5.25pm, followed by drinks and canapés
    The View at The Royal College of Surgeons

    £135 + VAT | 3.5 CPD

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Trusts, probate and estates: contentious

As well as being regularly instructed and involved in trust disputes arising under occupational pension schemes, Michael also undertakes private client trust work in the UK and in offshore jurisdictions, including Cayman and the Bahamas.

Michael’s reported cases include:

  • Anker-Petersen v Christensen [2001] EWHC B3 (Ch), [2002] WTLR 313
  • Trustee Corporation v Asil Nadir [2001] 21 PBLR – The Independent, 29 January 2001.

Download Trusts, probate and estates: contentious CV

  • Quote symbolMichael Tennet is exceptionally bright and is able to convey complex issues in an easily understandable manner.

    Chambers & Partners 2025

  • Quote symbolMike is a fighter in court and leaves no stone unturned.

    Chambers & Partners 2025

  • Quote symbolMy go-to silk for a good reason. He is commercially minded, astute, has seen everything and is fun to work with.

    Chambers & Partners 2024

  • Quote symbolMichael is incredibly clever. He's very commercial, hands-on and very easy to deal with, and he's very good with clients.

    Chambers & Partners 2024

  • Quote symbolMichael is one of the outstanding barristers at the Bar.

    Chambers & Partners 2024

Trusts, probate and estates: contentious insights & events View all thought leadership View all events

  1. Placeholder

    Events / Webinars

    Wilberforce Fraud, Trusts & Asset Recovery Conference 2024

    Thursday 4th July 2024 | 12.30pm - 5.25pm, followed by drinks and canapés
    The View at The Royal College of Surgeons

    £135 + VAT | 3.5 CPD

    View more
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    Events / Webinars

    Wilberforce Trusts Litigation Day 2023

    Monday 23 January 2023 | 9am - 5.45pm followed by drinks and dinner
    InterContinental Hotel (and online via Zoom), InterContinental Hotel, One Hamilton Place, Park Lane, Mayfair, London W1J 7QY

    £360 + VAT/£299 + VAT | 6.0 CPD

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Michael's Details

BSB/VAT information

Registered name: Mr Michael John Tennet KC
VAT number: 494645014

Privacy Notice pdf

Qualifications and Appointments

  • First Class degree in Law from New College, Oxford

Memberships

  • Commercial Bar Association
  • Chancery Bar Association

Publications

  • Co-writes the chapter on actuaries in Professional Negligence Law and Practice (LLP), of which Lord Hoffman is consultant editor.
  • Contributed to Ellison’s Pensions Law and Practice (Longman) and to Glasson on International Trust Law (Jordan).

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