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Types of contingent funding

LETTERS OF CREDIT

A guarantee from a bank with a strong credit rating to make a payment to the scheme on certain pre-agreed trigger events, in return for a premium from the sponsor.

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SURETY BONDS

Similar to letters of credit, however the guarantee is provided by an insurer instead of a bank.

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Case studies

Using a negative pledge to safeguard an existing dividend policy.

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Using a Group Company Guarantee to manage Section 75 debt risk with the bonus of a big PPF levy saving!

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Using an upside mechanism and escrow to mitigate the adverse effect of the Corporate Insolvency and Governance Act 2020 (“CIGA”) on benefit security.

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Using contingent contributions to achieve fairness across stakeholders

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