Private Employer

A UK-based outsourcing business was being broken up and sold in two parts by its private equity owners.  Its pension scheme was also undergoing its triennial funding valuation


  • Acting for the trustees, analyse the covenant for the valuation
  • Analyse the impact on the covenant of the proposed transactions
  • Negotiate appropriate support for the scheme


  • The pre-acquisition covenant was not strong due to a significant amount of secured debt in the sponsoring business
  • Both parts of the sponsoring business were bought by large listed global outsourcing groups offering the potential for an improved covenant
  • Engaged with TPR and the respective acquirers of each part of the business
  • Advised the trustees on the necessary support structures to ensure the membership benefited from the potentially stronger covenants

We deal with the straightforward and the complex
Our approach
Our experience