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Mayer Brown advises the Pension Protection Fund on restructure of Hoover Limited and settlement of the Hoover Pension Scheme deficit

2 June 2017

London — Mayer Brown lawyers advised the Pension Protection Fund (PPF) on the settlement of the Hoover Pension Scheme’s defined benefit deficit by way of a Regulated Apportionment Arrangement, which was approved by the Pensions Regulator, and the associated corporate transaction.

The Scheme is expected to enter an assessment period and then the PPF, meaning the PPF will take on the Scheme’s assets and liabilities and provide the Scheme’s 7,800 members with compensation.

The agreement was reached to seek a better outcome for levy payers while still enabling the PPF to satisfy its continuing obligations to protect the Scheme members who enter the PPF.

The transaction was led by Mayer Brown Restructuring, Bankruptcy & Insolvency partner Devi Shah, Corporate & Securities partner Tim Nosworthy and Pensions partner Richard Evans, who were assisted by senior associates Sam Webster and Beth Brown.

Media Contact

  • Helen Obi
    Senior Corporate Communications & PR Manager
    T +44 20 3130 8527
  • Katie Tibbitts
    Senior PR Executive
    T +44 20 3130 8120

Related Information

  • Related People
    Devi Shah
    Partner
    T +44 20 3130 3669
    Tim Nosworthy
    T +44 20 3130 3829
    Richard Evans
    T +44 20 3130 3606
    Sam Webster
    Associate
    T +44 20 3130 3239
    Beth Brown
    Associate
    T +44 20 3130 3284
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