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CMS restructuring team advise Hoover Limited on major pensions related restructuring

16/06/2017

16 June 2017 

CMS’ restructuring team has advised Hoover Limited on a major pensions related restructuring, implemented via a rarely used “regulated apportionment arrangement”.  

The deal, agreed by the pensions creditors and cleared by the Pensions Regulator, has released Hoover from a pension scheme liability of more than £0.5 billion.  

The pension scheme, which has circa 7,500 members, has entered an assessment period for entry into the pensions lifeboat - the Pension Protection Fund.  

This is the first RAA approved in 2017 and only the second in the last two years.

The CMS team was led by Restructuring & Insolvency Partner, Glen Flannery, with assistance from Peter Williamson (Corporate) and a wider team.

For more information, please see: http://www.thepensionsregulator.gov.uk/press/the-pensions-regulator-finalises-pension-deal-with-hoover.aspx.