Freshfields to rejig pensions

Freshfields Bruckhaus Deringer has sparked a controversial review of partners’ final salary pension schemes.

Freshfields’ partners fund the retirement of older partners. Most City firms abolished this type of system more than 10 years ago. The firm attempted reform 12 years ago, but change was blocked.

Senior partner Anthony Salz is also considering unifying retirement ages – currently, German partners can work longer.

At the moment, a partner retiring at 55 or older gets one fifth of the amount a working partner receives from the firm’s profits.