Consultancy Services

PCS Alert - November 2010
Contact
Charles Cowling FIA Charles Cowling FIA /uploads/contacts/contact_1.png JLT Pension Capital Strategies St James House 7 Charlotte Street Manchester M1 4DZ 0161 242 5388 07920 834047 0161 242 5306 charles_cowling@jltpcs.com Charles has 25 years’ experience in the actuarial profession and has acted as principal actuarial adviser to several FTSE100 companies and their pension schemes, as well as the not-for-profit sector (including in connection with the pension scheme of the Actuarial Profession). Before joining JLT Pension Capital Strategies in 2006, Charles spent 22 years as a Scheme Actuary and consultant, including advising remuneration committees on all aspects of executive remuneration. Charles has pioneered the use of modern corporate finance techniques in actuarial work, advocating a move towards a lower level of risk and a strengthening of standards in the management of pension schemes as early as 2004, through sessional papers. Charles is a Fellow of the Institute of Actuaries. He has a BSc from Durham University and he is also a Chartered Mathematician, a Chartered Scientist and a Fellow of the Institute of Mathematics and its Applications.

Mergers & Acquisitions

The detailed and often delicate process of negotiating any corporate transaction requires knowledge in areas such as share buybacks, capital repayments, mergers, demergers and reconstructions.

Whilst many businesses will apply in house experience and resource to deal with the legal, taxation, regulatory and accounting aspects of each type of transaction it is rare that a business will possess the detailed knowledge required to:

• Negotiate pensions aspects with target principals/representatives;
• Handle negotiations with trustees of the target company pension scheme;
• Handle negotiations with trustees of the existing scheme;
• Handle negotiations with Unions;
• Understand all of the financial liabilities and risks;
• Balance pension issues with wider operational and HR objectives.