Pensions in Restructuring Survey 2018 – the results

Welcome to the results of our third annual Pensions in Restructuring Survey.

This year's survey gathers views on the issues with pensions in corporate restructuring, with a particular focus on the points arising from the Department for Work and Pensions' recent white paper, "Protecting Defined Benefit Pension Schemes".

The survey was conducted among professional trustees, pension managers, insolvency practitioners, covenant advisers, actuaries, benefit consultants and lawyers, and, for the first time, private equity houses and lenders. To download the full report - see the link below.

Here are some of the key findings:

• A resounding 83% were in favour of having a statement of intent in relation to how any detrimental impact on a pension scheme will be managed, arising out of any relevant business transaction, rather than a requirement for obtaining clearance.
• Three-quarters of our respondents had sympathy for older schemes that are locked in to use of RPI for increasing pensions and there were comments that not taking forwards an override power for schemes to move to CPI was a missed opportunity.
• There were very different views as to whether avoiding defined benefit pension liabilities should be a criminal offence.