The results of the fifth edition of our annual Pensions in Restructuring Survey are in.

This year, the survey was part of a special virtual event attended by experts in the field, including professional trustees, insolvency practitioners, covenant advisers, actuaries, benefit consultants, and lawyers. Attendees had the opportunity to submit their responses to the survey, and also had the chance to debate the questions in more depth.

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Here are the key themes we've identified from the survey results:

• There is uncertainty around the impact of the new powers proposed for the Pensions Regulator under the Pension Schemes Bill and what they may mean for deals to save distressed businesses, with 57% of respondents saying that it will depend on how the Regulator uses the powers in practice.
• 50% of respondents said that the UK restructuring and insolvency regime has become too debtor-friendly at the expense of creditors such as pensions schemes.
• 43% of respondents identified what the government and parliament do as the most significant factor determining how pensions schemes of stressed and distressed employers will fare in 2021, followed by 29% for COVID-19 and 14% for Brexit.

Please contact Mark Smith or Nick Moser if you have any questions, or if you would like to discuss the topic further.