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Defined benefit pensions can have a significant impact on corporate transactions and time is of the essence.

Working to tight deadlines, our team helped a multinational business understand their potential pension exposure and model DB pension costs allowing them to quickly decide whether to proceed with the acquisition.

Challenge

We were engaged by a multinational business headquartered in Europe to advise on pension matters associated with the purchase of a business with significant pension liabilities. Their key concern was the expected cash cost of the UK pension plan.

Solution

We advised stakeholders on the UK and Swiss pensions arrangements, including the associated risks, as well as market practice for funding and investment. With our help, they formed a view on how they would approach these matters post-transaction and gained a full understanding of their potential exposure.

Outcome

Following our initial advice, we were able to identify with them a number of scenarios for further modelling, including the potential cashflow from the company to the UK scheme in each scenario. This allowed the client to integrate this with their valuation model for the business. They were then able to quickly make an informed decision on whether to proceed, based on their preferred approach to funding the scheme after purchase.

Contacts

Isabel Coles

Head of International Consulting, MBWL International

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John-Paul (JP) Augeri

Director and Global EB Consulting Leader, Milliman

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Marc Oliver Heine

Director, MBWL International and Partner, Lurse

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