Pensions in Restructuring Survey – the view from 2023

The results of our latest Pensions in Restructuring Survey, marking the sixth edition, are now live.

This time we focus in particular on how the legal and regulatory structures that seek to protect the interests of pension scheme members respond to the stresses brought about by a restructuring. 

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The report provides an overview of responses looking back at the last year and ahead to what's anticipated in 2024.

With thanks to our participants, including trustees, lawyers, insolvency practitioners and actuaries, we have produced this summary report as a key indicator for those involved in the world of pensions and restructuring.

Key themes from the survey results include:

• There is a sense of concern expressed by respondents regarding the preparation of pension schemes, with just 8% considering that, generally, pension schemes are adequately prepared for a distressed employer and 77% considering that it varies from scheme to scheme.

• When it comes to the introduction of the Restructuring Plan regime, there was no clear view from respondents who were evenly split as to the impact it will have on how pensions liabilities are treated in restructurings (23% somewhat, 31% no difference, 32% too early to say).

• In line with previous years, respondents mostly felt there is unlikely to be an explosion of restructuring activity in the next 12 months, with 46% predicting there to be no real change, just 8% expecting a significant increase, and 8% expecting a decrease.

Contact Mark Smith or Nick Moser if you'd like to discuss the findings of this survey further.

The results of our survey were published in Professional Pensions. A link to the article can be found here.