CMS’ restructuring team has advised Hoover Limited on a major pensions related restructuring, implemented via a rarely used “regulated apportionment arrangement”. 

The deal, agreed by the pensions creditors and cleared by the Pensions Regulator, has released Hoover from a pension scheme liability of more than £0.5 billion. 

The pension scheme, which has circa 7,500 members, has entered an assessment period for entry into the pensions lifeboat - the Pension Protection Fund. 

This is the first RAA approved in 2017 and only the second in the last two years.

The CMS team was led by Restructuring & Insolvency Partner, Glen Flannery, with assistance from Peter Williamson (Corporate) and a wider team.