In a sector characterised by rapid innovation cycles, it can be difficult to obtain long-term visibility over the outlook for the covenant.

Investment needs can be high as sponsors look to respond to technological changes, and legacy technology sponsors with significant pension funding needs can struggle to afford the investment required to adapt to new technology and markets.

Regular monitoring of the covenant, together with an actionable contingency plan, is essential in order to protect members. We also advise a number of clients in this sector in developing their end game planning where businesses are expected to decline over the mid-term and reducing reliance on the sponsor is key.


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