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.