Pensions in 30: 10. Contingent assets

The Month in Pensions - Gowling WLG

Key Points

• Contingent assets are additional employer or group assets that trustees can access on the happening of a specific event or events
• Examples of contingent assets are guarantees, charges and letters of credit
• Contingent assets may be used to give increased flexibility in terms of the approach taken to scheme funding by employers and trustees or to give trustees greater comfort as to the security of the pension scheme
• Trustees need professional advice before agreeing to accept a contingent asset so they can be satisfied that the contingent asset is validly given and can be enforced by them if the contingent event occurs
• The PPF has standard form documents for some types of contingent assets

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