Pension issues in corporate transactions can be complex when a defined benefit (final salary) scheme is involved. Factors to consider include -

- risks of action by the Pensions Regulator;

- penal fines and criminal sanctions announced in the March 2018 White Paper;

- implications of a share sale – what should buyers and sellers think about;

- implications of a business sale – what pension rights do and don't pass under TUPE; and

- pension issues arising from dividend payments, refinancings, internal reorganisations and other non-M&A transactions.