Employment law partner: Doyle Clayton
Contributors
Pension schemes, as an unwanted headache for UK corporates, has long since ceased to be a new phenomena. The last 20 years has seen a mix of erratic investment performance, increased longevity – and, in a number of cases, schemes being poorly managed – resulting in massive pension deficits which companies are forced to wrestle with. In a broad sense, we have seen pensions transition from life as an HR benefit, to today a long-term legacy liability sitting on a sponsoring company’s balance sheet. In practice, the presence of a defined benefit pension deficit is effectively a major, often unsecured creditor of a company which can impact on a wide range of corporate activities and attract significant personal liability for directors.
Way back when – the 1980s…
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