BDO advises Marelli UK on the transfer of six pension schemes to Clara-Pensions

BDO has advised Marelli Automotive Systems UK Limited and Automotive Lighting UK Limited (“Marelli UK”) on the transfer of its six pension schemes to a single section of the Clara-Pensions Trust.

The transaction secures benefits for c.3,300 members across six schemes with a combined value of c.£250m. It has been delivered at pace, against a tight timetable and a complex situation owing to wider corporate activity involving the schemes’ sponsors.

This is an industry-first transaction, involving multiple schemes, three of which would not have been able to access the superfund model on a standalone basis.

John Hubbleday, Director at BDO commented:

“We are delighted to have supported Marelli to secure this outcome for the members of its six UK defined benefit pension schemes. The circumstance of the sponsors, and the number and sizes of schemes involved, have made this a particularly innovative transaction, with three of the schemes too small to have accessed a superfund on a standalone basis.

“It’s been a pleasure to work so collaboratively with the Marelli team and their other advisers including Burges Salmon, Zedra (the trustee) and their advisers, and Clara and its advisers, to realise this great outcome for the schemes’ members.”

Karen Myring, Legal & Compliance, Marelli commented:

“It has been a pleasure working with BDO, who have made a hugely valuable contribution to delivering this outcome for our members. We would not have been able to deliver this transaction without BDO’s support. Their insights, advice, and ability to bring the wide range of different parties together to work collaboratively to meet the challenges which arose throughout the course of the project, was impressive. Thank you!”

Marelli UK is part of the Marelli Group, one of the largest international automotive parts suppliers and a pioneer in motorsports and in automobile manufacturing and design.

The BDO project team included Matthew Gibson, John Hubbleday, Ian Steward, and James Day.

BDO Pensions Covenant Advisory is a part of BDO Deals, with 3,000 deal advisory experts across 115 countries, providing clients with a one-stop resource for any financial, accounting, taxation or strategic issues that may arise in the scope of a transaction.
 

ENDS

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