Services

International Pension Issues

Our Pensions & Employee Benefits team assists international clients to understand their UK pension responsibilities in the context of legacy defined benefit and defined contribution schemes as well as current and future obligations where they have UK-resident employees.

The acquisition of UK companies by overseas entities continues to grow, and pensions play a large part in the due diligence process in many of these acquisitions, especially where the target company sponsors a UK defined benefit pension scheme.

The UK Pensions Regulator considers that its powers extend to overseas holding companies, and our insight into this intricate area of law is crucial in helping such entities evaluate their risks.

We have acted in cases involving non-UK parent companies in various jurisdictions, including the Republic of Ireland, Norway, Sweden, the USA, Switzerland, Italy, Australia and France. We have considerable experience in situations where UK pension scheme deficits result in UK trustees seeking guarantees and/or security from non-UK holding companies.

If you are a non-UK resident individual, our Pensions & Employee Benefits team can advise you on the tax implications of drawing down your UK pension and/or the tax-efficient transfer of your UK pension benefits to a non-UK jurisdiction.

Recent experience

  • Assisting a US-based automotive manufacturer on the de-risking of its UK defined benefit pension scheme portfolio.
  • Acting for a US private equity fund on the international pension aspects of a share acquisition involving 16 jurisdictions.
  • Advising a Scandinavian parent company on the UK pension implications of an overseas principal employer entering Chapter 11 bankruptcy in the US.
  • Assisting an Israeli technology business with negotiations with the Pensions Regulator on funding and financial covenant issues associated with a defined benefit pension scheme inherited following a share acquisition.
  • Working with a high net worth Swiss resident to help him consolidate his international pension plans into a single offshore provider.

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