Acting for trustees of pension schemes

Case 1

BTG Advisory’s Pensions Advisory team has acted for a multi-employer scheme where the participating employers include two Statutory Training Boards and various companies which are the successor bodies that replaced former Statutory Training Boards. 

Over a number of years we have assisted the trustee board in understanding the strength of the employer covenant (effectively pegged to one core participating employer) through regular quarterly updates, together with addressing a number of employer terminations (either voluntarily or through insolvency). While the scheme has recently secured a buy-out, we are now working with the trustee board to consider the impact of the Virgin Media case ruling (subject to appeal in 2024).

Case 2

BTG Advisory worked with the trustees of a pension scheme supported by a leading London and home counties-based housing association which merged with another major market player where the resultant new single organisation is now a top three G15 (housing association) in and around Greater London. 

Our advice focused on the covenant impact on the scheme of the proposed transaction and whether it was covenant enhancing, covenant neutral, or detrimental.