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PMI Academy - Penfida: How do we get there?

PMI Academy - Penfida: How do we get there?

27 April 2021 | 10:00 – 11:00

PMI Academy: Penfida - How do we get there?

Charting a course to your target and planning for setbacks along the way

Join us to discuss what The Pensions Regulator’s focus on the end-game means for how trustee boards and sponsors should approach a scheme’s funding goals.

We talk through the importance of knowing your recourse as the fundamental starting point, the key considerations that trustees and management teams should be thinking about when constructing an integrated covenant, funding and investment package, as well as the importance of having an appropriate approach to monitoring the key risks on your journey to the long-term funding objective.


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    Available to

    PMI members only
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    1 hour

    of CPD
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Event Details


Topics of discussion:
  • Recourse structures can be more complicated than initially envisaged (e.g. sponsors are rarely organised around the legal employers; equally the members may be in legacy operations of the sponsor) – we will explore how a scheme can access value and which competing creditors may exist
  • Once the recourse is fully understood, an assessment can be made on the appropriate long-term objective and whether the journey plan is consistent with the level of covenant support
  • How trustees can work with advisers to agree an integrated covenant and funding package with the sponsor aligned to their long-term objective and the scheme and sponsors’ risk capacity
  • The importance of working with the sponsor to establish information flows and a robust integrated risk monitoring framework, including contingent protections to resolve what is ultimately a shared issue
Who should attend:
  • Pension scheme managers
  • Trustees
  • Administrators
  • Lawyers
  • Investment managers
  • Actuaries
  • Scheme secretaries
  • Financial directors
  • HR representatives
The venue
Event Venue Zoom


Hear from the experts

Kelvin Xu
Kelvin Xu
- Director

Kelvin joined Penfida in October 2016 and advises pension scheme trustees and sponsors on employer covenant issues across a wide variety of sectors, including consumers, industrials, telecoms, services and utilities. Prior to Penfida, Kelvin was an associate at Gleacher Shacklock focusing on UK mergers and acquisitions. He graduated from the University of Cambridge with a MA in Economics in 2012 and is a native Mandarin speaker.

Rag Vigneswaran
Rag Vigneswaran
- Director, Chartered Financial Analyst

Rag advises clients in ongoing scenarios, such as triennial covenant reviews and regular covenant monitoring, and in corporate events, such as takeovers and restructuring. His clients include those in the industrials, pharmaceuticals, retail and telecoms sectors. Rag joined Penfida in 2014 after graduating with a BA in Economics and Management from the University of Oxford and is a CFA® charterholder. He enjoys running in his spare time.

Academy Partner


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