Sackers comments on potential restructuring of UK media group
Faith Dickson, partner, comments on the announcement by Johnston Press but it is in discussions with its pension scheme trustees and TPR regarding a regulated apportionment arrangement (RAA) in respect of its DB pension scheme.
Discussing the rarity of such deals in the UK, Dickson said, “TPR and PPF are very keen to limit the number of them that they will agree in any year,”.
Adding, “From a scheme member’s perspective there was no upside to the agreement, as they were in place for the company’s benefit. Under the statutory agreement, the trustees [of the scheme] have to be of the view that the employer will become insolvent within 12 months – or that it is inevitable in the short term,”
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