We became involved when the relationship between the Sponsor and the Trustee had become very strained and there was a breakdown of trust between both parties.

We were appointed in 2017 to the UK Scheme of a global diversified engineering business. The Scheme was very well funded following a successful LDI strategy, but in terms of assets was very large in comparison to the Sponsor.

A serious dispute had arisen between the Trustee and the Sponsor relating to the extension of existing security arrangements, and this had resulted in failure to complete the triennial actuarial valuation and a breakdown of trust.


  • Following our appointment we selected new legal advisers and together we devised a solution to release the impasse. The triennial actuarial valuation documentation was completed within two weeks.
  • We negotiated agreement (previously blocked) between all parties to approach the buyout market.
  • We quickly finalised an existing ETV/FRO exercise.


  • We worked hard to repair damaged relationships and to get everyone talking sensibly again.
  • All of the above was completed within 4 months of our appointment.


  • The result of our work is that the Trustee & Sponsor is now in the process of agreeing buy-in/buy-out terms with insurers. This is likely to result in a small surplus.
  • One Trustee Director commented “Thank you for your Herculean efforts in getting the triennial finalised in such a short time. Very clearly you were the right person for the job. I look forward to working with you in the future to secure the benefits for all parties.”