Andrew Spink QC and Saul Margo: “most important” settlement reached by TPR
Andrew Spink QC and Saul Margo represented the Trustees of the Coats Pension Plan in regulatory proceedings brought by the Pensions Regulator against the Coats Group. The case raised novel issues concerning the interpretation of the legislation concerning Financial Support Directions and, in particular, the Regulator’s jurisdiction to conduct its own calculations in order to determine whether a scheme is insufficiently resourced.
Following the exchange of Representations, the Regulator and the Trustees have achieved a settlement with the Coats Group that will protect the pensions of 24,000 scheme members in a deal described by John Ralfe (an independent pensions consultant) as “the most important” one that the Regulator has reached. This is the first settlement of such an action achieved against a solvent company and could provide a blueprint for similar deals in the future.
Barristers: Saul Margo | Andrew Spink QC