We helped a corporate charity on an issue it had with its pension fund. We advised it on negotiations with the professional trustees acting on behalf of the pension fund. The fund wanted to take security from the charity to secure the pension liabilities, such as by way of debenture and legal charge. This was complicated as there was no obligation to grant security (although the pension regulator recommended security) and there was a disagreement over what security was acceptable. There were issues with a defective title that impacted on any security the pension fund could take.
We advised on the banking side and the impact on the charity of the security and also on the statutory requirements before any security could be granted.