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Restructuring plans for employers in financial difficulty

The Corporate Insolvency and Governance Act came into force on 25 June 2020. This Act introduces a new procedure called a restructuring plan for companies in financial difficulty.

If the company proposing a restructuring plan is or has been the sponsoring employer of a pension scheme providing defined benefits they must send us any documents they are required to send to creditors. We expect these to be sent at the same time as they are provided to the creditors.

Documents should be emailed to customersupport@tpr.gov.uk. Include the scheme name and Pension Scheme Registry (PSR) number if possible.

Where the Act requires, the information should also be sent to the trustees of the scheme and the Pension Protection Fund.

Sponsoring employers should consider whether the proposed restructure would result in a notifiable event and ensure that the appropriate submission is made using Exchange.

We will take a risk-based approach, reviewing and assessing incoming information against a range of risk indicators. We may ask for extra information in the first instance.

For more information, read the Corporate Insolvency and Governance Act factsheets on GOV.UK.