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The use of various forms of contingent assets to support UK Defined Benefit (DB) pension schemes continues to evolve – particularly as a growing number of schemes plan for their “endgames” and scheme sponsors seek to address potential issues around trapped surplus.
Following a successful event held jointly with Grant Thornton, this paper considers the key legal and practical issues for employers and trustees to be aware of when considering putting in place contingent asset arrangements, including guarantees, asset security, bank guarantees/letters of credit, surety bonds and escrow accounts.
If you have any queries relating to the contents of the paper or would like to discuss a particular matter in more detail, please get in touch with your usual Baker McKenzie contact.
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