Client feedback

“PSGS offered the right support at very short notice, at reasonable cost, when we really needed it”
Ian Edwards,
Chair of Trustee, Comet Pension Scheme
“​Ian has added more value than we thought he would at the start… which shows it pays to go with someone who is doing the job of a professional trustee as their bread and butter.”
Katherine Cross,
Tyser
“The trustee training was a very well-paced overview which gave opportunity to explore ideas and question more deeply at key points.”
Paul Coley,
The Altro Pension and Life Scheme
“I wanted to look at the effectiveness of our trustee board, so Gillian, our PSGS scheme secretary, provided their trustee self-assessment tool to help me gather thoughts and opinions from others on the board. The tool was extremely easy to use and asked all the right questions to help me collect the information I needed as Trustee Chair. It is a great example of the way PSGS shares knowledge with their clients and makes dealing with key governance issues easy. As well as enabling me to meet one of the Regulator’s 21st century trusteeship requirements, using the tool has flagged trustee training needs and ways we could improve trustee meetings further. ”
Claire Silvester,
Vector Aerospace
“We now have a very collaborative approach between trustees and employer.”
Peter Millard,
Company Secretary, TRL Limited
“​Their pragmatic approach helps with quick and easy decision making. Another approach might have made things more difficult.”
Mark Assinder,
Bouygues
image for Pensions Regulator clearance applications | Clearance applications

Clearance applications

Whether you’re undergoing a corporate transaction or another event could affect your DB pension scheme, obtaining a clearance statement from The Pensions Regulator (TPR) is rarely a straightforward process.


There are many situations where you may consider using the Pensions Regulator’s clearance process - especially those that may be of material detriment to your defined benefit (DB) pension scheme and its members. These include:

  • a change in the pension scheme sponsoring employer's financial status or weakening of the employer covenant - caused by events such as a return of capital, share buy backs, changes in the level of security for creditors, sale and leaseback transactions etc
  • pension scheme funding and pension deficit reduction negotiations
  • corporate transactions - including merger, acquisition and divestiture, as well as dealing with proposed compromise arrangements
  • group re-structure, merger of employers or replacement of a participating employer
  • pension scheme amendments - such as changes to the level of future benefit accrual
  • pension scheme mergers
  • introducing a new pensions investment strategy
  • phoenix events following sponsoring employer insolvency

Typically, when a TPR clearance application is being made, pension trustees and the scheme sponsor are likely to be in a position of disagreement and potential conflict. PSGS's experience as professional independent trustees, and trained mediators, together with our close working relationship with The Pensions Regulator, mean we can steer you through the clearance process and come to agreement quickly and efficiently, no matter how complex your situation is.

Case study

Our client: a leading publishing house

Objective:

  • global group plans to de-merge
  • secure the financial position of two pension schemes during the de-merger

What we did:

We organised an independent covenant review. This stated the pension schemes’ sponsor would be less financially robust after the de-merger, but the covenant would not be significantly reduced because the group’s legal obligation to the schemes was uncertain.

Despite this, the group wanted to apply for clearance from The Pensions Regulator. In return for the pension trustees’ support of their application, as an independent trustee we were able to negotiate substantial payments into the pension schemes and some additional financial support from the wider group for the scheme sponsor.

If you would like to find out more about how we can help you with your Pensions Regulator clearance application, please contact us.

Speak direct to our specialist in this area
Picture of James Double independent trustee at PSIT

James Double

Head of Trusteeship
Email James
Or call us on:

0845 313 0024

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