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Slaughter and May

Pensions 2011 (2)

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Award levelHighly Commended
InnovationPension funding partnership structures
Originality7
Rationale6
Impact7
Total20
DescriptionDeveloped a structure in which the employer transfers assets to a partnership that uses those assets to generate income by leasing them back to the employer. This solution has been rolled out to a number of blue-chip UK companies.

Pensions 2011

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Rankings at a glance
Award levelStand-out
InnovationPension deficit for equity swap for Uniq
Originality7
Rationale7
Impact7
Total21
DescriptionFaced with a £400m (€461m) pensions deficit that threatened the company’s survival, the firm invented a life-saving transaction. Transferred 90 per cent of Uniq’s equity to a new company, to be sold for the benefit of the pension scheme.