Services

Forward looking and innovative employer covenant support

It is critical for stakeholders of defined benefit pension schemes to understand the businesses that support them. This includes assessing the strength of the employer’s financial position and prospects as well as its legal obligation to fund the scheme’s benefits (known as the ‘employer covenant’) and understanding the impact of employer or scheme events on the scheme’s position. This is especially important in the current environment, with pensions legislation and guidance issued by the Pensions Regulator (“TPR”) constantly evolving.

How we can help

Our team harnesses the unparalleled breadth and depth of expertise from across Deloitte, giving us the ability to focus rapidly on the core business and market issues facing the employer, scale-up to assess a wider global group and its supply chain, or react to corporate transactions and restructuring.

We can access our colleagues’ knowledge or work with existing advisors to seamlessly link covenant assessment conclusions to valuation assumptions, analysing the impact of changes in covenant on investment strategy, and designing deficit financing solutions.

True integrated risk management.

Employer Covenant

We are at the forefront of providing a proactive, forward looking approach to managing employer covenant risk.

Our market leading dedicated team provides a tailored solution with integrated sector expertise, ensuring that our clients’ specific requirements are fully identified and addressed with the focus on developing a cost efficient approach to employer covenant, affordability, monitoring and corporate activity.

We robustly support our client’s interests, while recognising the employer trustee relationship is on going and long term, benefiting from a pragmatic, consensual approach.

Restructuring and Transaction Support

We have considerable experience supporting lenders, employers and trustees in both restructuring/insolvency situations and non-distressed transactions. This includes advising on Regulated Apportionment Arrangements (RAAs), Flexible Apportionment Arrangements (FAAs) and potential risk from the Pensions Regulator’s ‘moral hazard’ powers.

Key contacts

Matt Cowlishaw

Matt Cowlishaw

Partner

Matt is a Corporate Finance partner specialising in restructuring and employer covenant with over 18 years’ experience. His clients include lenders, corporates and pension trustees. He advises on navi... More

Tom Partridge

Tom Partridge

Partner

Tom leads our Financial Advisory – Pensions practice in London. His focus on pension related work includes advising trustees and corporates in scheme funding, acquisition, refinancing, and demerger sc... More

Simon Kew

Simon Kew

Director

Simon leads on strategy and relationships for the Financial Advisory – Pensions practice, encompassing London and our regional teams. Simon drives pensions related advisory services that include the p... More