Sacker & Partners has sealed its reputation in the pensions market, advising the trustees of Telent’s pension scheme amid intervention from the Pensions Regulator.
Sackers partners Jonathan Seres, Peter Docking and Ian Cormican acted for the trustees of the GEC 1972 Plan, approaching the regulator to request it exercise its powers to appoint an independent trustee. The chairman of the trustee board contacted the Pensions Regulator on 18 October, with three independent trustees being appointed the following day.
“The appointment of independent trustees by the Pensions Regulator to protect the pension scheme of Telent is a timely and decisive move,” Seres said. “It shows that the regulator will not simply watch from the wings when there is concern that a pension scheme may be at risk.
“The appointments will protect the scheme by awarding the independent trustees sole control for six months.”
The three trustees that have been appointed are Law Debenture Pension Trust Corporation, Burges Salmon Pension Trustees and Bridge Trustees.
The regulator was asked to intervene after Telent, formerly part of the Marconi Corporation, received an offer 600p a share from retirement fund consolidator Co-Investment No 5 LP Incorporated (CILP) in conjunction with Pension Corporation.
Trustee chairman Chris Holden said, while the trustees remain neutral on the ownership of Telent, he is concerned that the acquisition could affect the plan’s 60,000 members given the small size of CILP in relation to the plan.
Telecoms company Ericsson bought most of Marconi in 2005, but as it refused to take on its pensions liabilities, the pension fund and a small part of the business was moved to new company Telent.