We were called on a Friday afternoon to act as trustee for a Company undergoing a transaction during the following fortnight.

The existing trustees were conflicted as they were also shareholders and members of the Scheme.

We immediately engaged covenant reviewers, lawyers and actuaries who we knew from past experience to be pragmatic and experienced at this type of situation.

After a brief review of the documentation, we entered negotiations with the company directors, the shareholders and the prospective purchaser, each of whom had different objectives.

Through some innovative thinking around escrow accounts and by putting ourselves in the shoes of the various parties we managed to broker a deal that was acceptable to all, improved the security of our members and enabled us to submit a commonly supported clearance application to the pensions regulator.

This all happened in a faction of the time and at a fraction of the cost of other transactions.

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