Tue 25 Jan 2022 - Over recent months there has been a sharp rise in M&A activity involving British businesses, with interest from overseas, domestic buyers and Private Equity investors.
In many cases the businesses at the centre of this sponsor substantial defined benefit pension schemes, Morrisons and Meggitt being recent examples. The ramifications of new owners, and the change in financing structure this often brings with it can have significant implications on the resources available to support the pension scheme over both the short and longer-term. Potential bidders may be wary of the long-term commitments involved with the pension scheme, while trustees will wish to ensure their members’ interests are protected.
Against this backdrop the Pension Schemes Act 2021 introduces new requirements and sanctions designed to prevent changes to businesses being to the detriment of pension schemes.
In this session we will discuss recent trends in the pensions aspects of corporate transactions, and the implications of PSA 2021 with four professionals actively involved in the market, with very different backgrounds and experience.
We’ll discuss:
LCP
Helen is a corporate actuary, with a specialism in M&A and corporate restructuring. She joined LCP three years ago from a Big 4 Accountancy Firm, where she had over a decade of post qualification experience.
Helen advises both corporates and Private Equity buyers on the pensions implications of transactions, including due-diligence, the trustee negotiation process and vendor assist. As part of this she enjoys working with pensions specialists from outside the actuarial profession to deliver the best advice to the client.
Across her portfolio of corporate clients Helen advises on pensions and de-risking strategy and has a special interest in helping her corporate clients develop their pensions "exit" strategy, de-risking in advance of a future insurance buy-out.
Cardano Advisory
Alex is a Senior Managing Director and co-founder of Cardano Advisory (formerly known as Lincoln Pensions).
He leads the firm's Pensions Corporate Finance advisory division, advising corporates and capital providers and has over 20 years experience in corporate finance and restructuring transactions, having also previously worked as a principal at Citigroup in their Global Special Situations and Insurance & Pensions Structured Solutions groups.
Alex has advised on multiple M&A and restructuring transactions across a variety of industries including UK and cross-border public and private M&A, debt and equity capital raisings, joint venture arrangements and restructurings, involving clients with DB schemes ranging from £2m to over £30bn.
Capital Cranfield
Susan has worked in the pensions industry for over 30 years and began her career working in in-house pension scheme roles. She then spent ten years working for two of the biggest UK pension consulting firms, acting as a managing consultant to a range of clients.
Since 2011, she has been a professional trustee at Capital Cranfield where she is also a board member. Across her current portfolio she variously acts as chairman, sole trustee or co-trustee for a range of DB and DC schemes, many with overseas parent companies.
Dawn is a partner in Freshfields’ pensions practice, advising employers, trustees, and financial institutions on all aspects of pensions law. She has a particular focus on UK-defined benefit pension schemes and their associated challenges, including:
Dawn is involved in industry forums seeking to shape the future of pensions law, including being the current chair of the Legislative and Parliamentary Committee of the Association of Pension Lawyers (having served on the committee since 2013). The committee responds to government and regulator consultations on behalf of the association. She has also served on the Association of Pension Lawyers Investment Committee.
Dawn writes and blogs regularly on pensions issues, including on managing pensions risk and proposals for legislative change in practical law and on the Freshfields risk and compliance blog.
LCP
Richard leads LCP’s M&A Practice and is an actuary with over 20 years’ experience advising purchasers and sellers on the pensions aspects of corporate transactions. He has worked on a wide range of deals, including a number of high profile public-to-private deals since the beginning of the pandemic.
In addition to running due diligence and trustee negotiations, on some recent deals Richard has also advised how pension risk can be removed or substantially de-risked as part of the transaction.
Richard also advises a number of corporate and trustee clients on their pensions strategy and holds a scheme actuary certificate.
