Pensions: new notifiable events – what corporates (and their lenders) should know

Sponsoring employers of defined benefit (DB) pension schemes will have to tell the Pensions Regulator (tPR) about certain proposed transactions, including a business sale or granting security over assets, at an early stage. 

A further notification (and a description of the impact on the DB pension scheme) must be given when “main terms” are proposed.  The second stage notification requirement will apply not just to the sponsoring employer, but also to its parent company and any other person associated or connected with the employer. 

Those in breach of the requirements will be liable to a new financial penalty of up to £1m.

This note explains the new requirements and explores the implications for corporates and their lenders.

button

 

 

Authored by the Pensions Team. 

Contacts
Katie Banks
Partner
London
Duncan Buchanan
Partner
London
Claire Southern
Partner
London
Edward Brown
Partner
London
Faye Jarvis
Partner
London

 

This website is operated by Hogan Lovells Solutions Limited, whose registered office is at 21 Holborn Viaduct, London, United Kingdom, EC1A 2DY. Hogan Lovells Solutions Limited is a wholly-owned subsidiary of Hogan Lovells International LLP but is not itself a law firm. For further details of Hogan Lovells Solutions Limited and the international legal practice that comprises Hogan Lovells International LLP, Hogan Lovells US LLP and their affiliated businesses ("Hogan Lovells"), please see our Legal Notices page. © 2022 Hogan Lovells.

Attorney advertising. Prior results do not guarantee a similar outcome.