Pensions & benefits

Corporate activity and M&A

Defined benefit pension plans need to be carefully considered in any corporate transaction. We help buyers, sellers, trustees and pension plan sponsors manage the costs and risks associated with merger and acquisition activity.

Seize the moment

A pivotal opportunity for corporate sponsors of DB pension schemes

This report highlights the variety of options now open to mature DB schemes approaching the end of their journey and urges schemes to get their strategy right before making their plan of action.

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Accounting for pensions

Making the most of multi-billion £ pension surpluses

Our annual accounting for pensions report presents a concise analysis of the pensions facts, figures and trends revealed by FTSE100 companies reporting in 2023.

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Visualise

Real-time analysis of your scheme’s funding and investments

Visualise combines our consulting approach with intuitive technology to help you be agile in the changing DB pensions landscape. From seeing the progress of your recovery plan to looking at the potential impact of climate risk, Visualise gives you the information you need, when you need it.

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Our long-standing, experienced M&A team provides expert guidance, ensuring that pension obligations are appropriately assessed and effectively managed as part of any M&A situation, both in the UK and worldwide.

We also help our clients manage pensions long after transactions close, providing the full range of support to help them successfully optimise pensions to achieve their wider objectives.

Our M&A advice is clear and communicated in plain language to help clients understand the pension risks in order to make difficult decisions.

We are the only M&A pensions adviser that offers all of the following services in a joined-up way:

Due diligence

Identifying and quantifying pension-related risks in the context of the wider deal. Our clients tell us that our support in navigating the complexities of pension liabilities is second-to-none.

In-house employer covenant specialists

A critical aspect of UK deals is the impact the transaction will have on the sponsor’s ability to support the pension plan. Our specialist covenant team understand how pensions fit within the wider business and work closely with actuarial colleagues to measure the impact, helping to negotiate an optimal pension solution.

Negotiation support

UK defined benefit pension plans are managed by an independent trustee board. With a well-established trustee advisory practice, we understand this perspective and help our M&A clients engage effectively from the outset. This is critical to successful transactions where pensions are involved. We also support our clients with interactions with The Pensions Regulator, which are common in M&A situations. Our team includes former senior personnel from the Regulator so we know how they view pensions in a transaction situation.

Pension settlement experts

LCP’s Pension Risk Transfer practice has worked on more insurance transactions to secure benefits and enable sponsors to terminate pension risk than anyone else.

Longer-term strategic advice

We can manage DB pension plans post-transaction, including optimising asset strategy, ensuring alignment with business goals and, where appropriate, to maximise value on exit.