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Scheme mergers
The challenge for employers and trustees
Employers that operate multiple occupational pension schemes may merge them in order to benefit from reduced administration, consulting, actuarial and legal costs and the prospect of better investment returns. Employers considering this option need legal advice at an early stage in order to find solutions to any potential obstacles and to any concerns that the Trustees might raise.
Trustees we will want to ensure that any decision to merge two or more schemes is consistent with their duties and that the security of members' benefits is not prejudiced as a result. Therefore, they will be concerned about a number of issues including the respective funding levels of the merging schemes, the future benefit structure post merger and the balance of power in the new scheme.
How we can help
Our pensions team has a great deal of experience advising on scheme mergers. We have advised trustees and employers on their respective duties and on the legal and practical issues connected with mergers. Our project management approach means that we can manage the merger process from start to finish, ensuring that it is as smooth as possible.
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