4 May 2021: Argyll opens Leeds office

17 Jun 2020: TPR updates Contribution Deferral guidance

5 Aug 2019: TPR's tougher stance on recovery plans

7 Mar 2019: TPR’s Annual Funding Statement a game-changer

7 Dec 2018: DWP publishes superfund consultation

26 Jun 2017: TPR agrees settlement with Coats

30 Apr 2017: PM promises TPR M&A powers

28 Feb 2017: TPR agrees settlement with Sir Philip Green

9 Nov 2016: Brexit so far

8 Nov 2016: BHS ripple effect

2 Nov 2016: Sir Philip Green sent warning notice

1 Nov 2016: Argyll Financial becomes Argyll Covenant

3 Oct 2016: Tata Steel update

2 Jun 2016: BHS to be liquidated

29 Mar 2016: Tata plans sale of UK Steel

3 Sep 2015: TPR takes dim view of late valuations

13 Aug 2015: New TPR covenant guidance

28 May 2015: Contribution notice in Carrington Wire case

22 Dec 2014: Third warning notice for Guinness Peat

18 Dec 2014: New PPF rules for Asset-Backed Contributions

19 Aug 2014: TPR announces Lehman Brothers settlement

10 Jun 2014: TPR publishes revised funding code

27 Mar 2014: EC postpones holistic balance sheet

20 Mar 2014: PPF announces new insolvency risk model

17 Mar 2014: PPF guarantees harder to certify

7 Feb 2014: Argyll Financial submits consultation response

2 Dec 2013: Regulator publishes new draft funding code

19 Nov 2013: Asset-backed contributions guidance from TPR

22 Oct 2013: FSD warning helps MF Global scheme buyout

10 Sep 2013: TPR supportive of Kodak restructuring

31 Jul 2013: Schneider Electric acquires Invensys for £3.4bn

24 Jul 2013: Supreme Court overturns FSD super-priority

8 May 2013: Support for employers in TPR's Statement

26 Jun 2017: TPR agrees settlement with Coats
The Pensions Regulator has agreed a settlement for all three Coats schemes following the issue of warning notices in December 2014 (see previous article).

Following a long-running investigation into thread manufacturer Coats Group plc (formerly Guinness Peat Group plc), TPR remained of the view that the Coats Pension Plan, the Staveley Industries Retirement Benefits Scheme and the Brunel Holdings Pension Scheme were insufficiently resourced.  TPR began preparing the case for referral to the Determinations Panel in mid-2016.

After months of negotiations, in December 2016 the Trustees of the Coats and Brunel schemes agreed a settlement with Coats Group plc comprising a lump sum payment of £255.5m split between the two schemes, a change of the statutory employer to Coats Ltd and a full buyout guarantee from the parent, Coats Group plc.  In June 2017 a similar settlement was agreed with the Trustees of the Staveley scheme comprising cash of £74m, change of employer to Coats Ltd and a guarantee from the parent.

As a result TPR agreed to cease regulatory action.

Argyll comment: This brings to a close a lengthy investigation that began in July 2013.
 
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