Our client was intending to issue a special dividend as part of its financial restructuring. However prior to the issuing of the dividend, our client wanted to ensure certainty on the implications for the pension scheme and the appropriate actions required.
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A restructuring was expected to result in a larger and more profitable business and the trustee wanted to develop a better understanding of the transaction and how these affacted the scheme.
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The trustees of the two pension schemes sponsored by Sea Containers Services Limited had filed claims in its parents company’s US bankruptcy proceedings which included the full section 75 buyout debts in the pension schemes.
We were appointed to provide expert opinion on the validity of allegations made against Scottish Widows and one of their employees in respect of advice given which resulted in the surrender of a Scottish Widows deferred annuity contract in favour of a Scottish Widows managed fund.
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