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Tranche warfare

The Pensions Regulator (TPR) is often to be heard talking about ‘tranches’. In their lexicon, a tranche is the cohort, group or section of each year’s schemes that go through the Part 3 valuation process. (more…)

Jackal Advisory covenant expert Simon Kew predicts more debt-for-equity swaps

The debt-for-equity market could mean big business deals, with Uniq leading the way.

It seems that given the recent Uniq debt-for-equity deal, we could see an influx of companies looking to make the swap. (more…)

Category : Employer Covenant — Tags: , , , — admin @ 2:23 pm March 7, 2011

Trustees failing to manage sponsoring employer’s covenant

Significant numbers of trustee boards are failing to sufficiently and proactively monitor their sponsor covenants, recent research shows.

A survey of 119 schemes and more than 800 trustees – found 37% of respondents carried out formal covenant monitoring once a year or less. (more…)

Category : Employer Covenant — Tags: , — admin @ 1:58 pm February 4, 2011

Regulatory guidance on Employer Covenant – Monitoring Employer Support

In November 2010, the pensions regulator updated its guidance for trustees on how to monitor the support from the employer, or ‘employer covenant‘. Here, we provide a brief overview of that guidance. (more…)

Category : Employer Covenant — Tags: , , — admin @ 5:54 pm January 25, 2011

Employer Covenant gamble risks “aggressive” regulatory action

On 9th September Bill Galvin, the Pensions Regulator’s Acting Chief Executive, stated at the CBI Pensions Conference that the regulator would use its powers ‘aggressively’ against schemes that take risks on assessing employer covenant. The regulator is voicing its concern over low security schemes, whose sponsor covenant is insufficient to justify the risks taken within the scheme. (more…)

Category : Employer Covenant — Tags: , , , — admin @ 10:36 am September 24, 2010

The Pensions Regulator’s statements on Employer Covenant

In June 2009, TPR issued statement that outlined how assessment of employer covenant fed through to the setting of technical provisions and agreeing scheme specific recovery plans, based on what is reasonably affordable by the sponsoring employer. (more…)

Category : Employer Covenant — Tags: , , — admin @ 1:45 pm September 23, 2010