Corporate activity

Pensions issues can play a pivotal role in corporate transactions, but they are increasingly difficult to identify.

We understand that pensions may be one of the most important issues on a transaction, or that it may be relatively insignificant in the context of the transaction. We are able to add real value by helping to identify potential issues at an early stage. We work hard to ensure that we understand the client’s commercial objectives and suggest practical, commercially focused solutions to help achieve them. In some cases we are instructed directly by a party to the transaction, working alongside their commercial lawyers, but we are equally comfortable providing services to other law firms who do not have the appropriate resource or expertise themselves, or where conflicts prevent their own pensions experts from acting.

We have experience of all types of transactions and transactional structures, including private mergers and acquisitions, takeovers of listed companies, joint ventures, management buy outs and distressed sales such as pre-pack administrations. Many of these transactions have an international element, and we regularly advise clients with no prior knowledge of the UK pension system.

How we can help

  • Identifying pensions issues on transactions through due diligence
  • Advice on how to deal with deficits in pension funds for buyers and sellers, including managing debts
  • The issues surrounding TUPE and how it impacts on pension funds transferred post transaction including Beckmann/Martin liabilities
  • Advice on anti-avoidance and clearance applications to the Pensions Regulator
  • Drafting and advice on communications with employees
  • Advice on company restructuring and re-organisations.