Tracy specialises in the delivery of strategic advice on a wide range of pension issues to clients with complex pension scheme arrangements. She has a wealth of experience advising on the structure for scheme mergers, and the negotiation of scheme closures/benefit re-design, acting variously for employers and trustees. She has particular expertise in relation to the employer debt regime, the pensions aspects of corporate transactions (including sale, purchase and restructure), and the Pensions Regulator’s moral hazard powers. 

Tracy also heads up the Public Sector Pensions Unit within the pensions team. As such, she is responsible for co-ordinating the pensions advice to clients operating in the public and third sectors. Tracy is a specialist in relation to the Principal Civil Service Pension Scheme, the Local Government Pension Scheme, the NHS Pension Scheme and the Teachers’ Pension Scheme. She has presented a number of seminars to these clients on relevant subjects including the implications of Old and New Fair Deal.

Tracy is also a member of the Association of Pension Lawyers. Tracy has, since 2007, been the author of the Guide to Public Sector Pension Schemes contained in Tolley’s Pensions Law.


Examples of experience include advising:
  • Taylor Wimpey on the merger of its two defined benefit schemes (combined assets of £1.2bn) in a new scheme and negotiating with the two sets of trusts the use of an asset backed contribution structure in the new scheme
  • IBM in relation to a number of outsourcing transactions across a broad spectrum of sectors including the energy, utilities and health care sector, including in relation to so-called 'Beckmann' rights in connection with TUPE transfers and management separation exercises (compulsory / voluntary redundancy, extended leave of absence).
  • Procter & Gamble in relation to its £2bn hybrid pension scheme, including various mergers, implications of company disposals, Finance Act 2011 changes, auto-enrolment, implementation of salary sacrifice and treatment of members of the UK scheme whilst serving a period of Group Service outside the UK
  • in relation to a bulk annuity purchase by the Trustees of the RM Education plc defined benefit scheme, a flexible retirement offer by the company designed to remove liabilities from the scheme and setting up an escrow account to (i) avoid a surplus in funding and (ii) to finance the company’s liability management exercises, and
  • SABIC setting up a new occupational money purchase pension scheme and advising in relation to new governance obligations coming into force from April 2015.

Tracy Walsh provides "a first class advisory service, cutting through complexity and working well both with my in-house team, Board and other advisers, particularly actuaries."

Legal 500, 2020

Tracy Walsh is "a pragmatic lawyer who is able to translate the complex language of pensions law into ordinary English." 

Chambers and Partners, 2020

Chambers Guide to the UK Legal Profession 2016 recognises Tracy as an expert on matters in the public and voluntary sector.  Clients say: "She is an excellent all-round adviser and has detailed knowledge of pensions law, and of current issues and practice."

Chambers and Partners, 2016

Clients say that Tracy is "very proactive and responsive".

Legal 500, 2016