The following Pensions practice note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
This PN should be read in conjunction with the following precedents:
Pension schedule: acting for sellers in an asset sale EFP vol 31(1) PENSION SCHEMES –
Pension schedule: acting for buyers in an asset purchase EFP vol 31(1) PENSION SCHEMES –
Note that this Practice Note assumes that the buyer acquires a business with employees of the business transferring into employment with the buyer under the operation of the Transfer of Undertakings (Protection of Employment) Regulations 2006, SI 2006/246 (TUPE) at completion.
A pension schedule may be used, in the context of a business sale, where:
immediately prior to a TUPE transfer, at least some of the employees are active members of a defined benefit (DB) occupational pension scheme operated by the seller
the DB scheme is still open to future accrual, and
the DB scheme itself is intended to remain with the seller's group after completion (referred to in this Practice Note as the seller’s scheme)
A pension schedule may also be used in other circumstances.
In these days of underfunded DB schemes and exposure to the Pensions Regulator’s widespread moral hazard powers, pension schedules are rarely encountered. Some pensions lawyers of considerable seniority may never have encountered a pension schedule during the course of their professional practice. This is because buyers are increasingly reluctant to take
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