Law360, London (December 10, 2020, 2:13 PM GMT) — Nearly a quarter of workplace saving schemes for the U.K.’s top companies expect to see their sponsors collapse before they fully insure all liabilities, as the U.K. is braced for a wave of high street insolvencies in the New Year.
Pensions consultancy Hymans Robertson said Wednesday that 22% of defined benefit schemes for FTSE350 companies expect corporate insolvency before they can achieve buyout, an endgame for saving plans where insurers take on full responsibilities for paying members.
The news comes as insolvency practitioners expect U.K. company failures to spike early next year when government COVID-19 support dries up.
“[Defined benefit]…
Read the full article at: https://www.law360.com/insurance-uk/articles/1335998/pension-plans-brace-for-wave-of-corporate-insolvencies