This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

Deloitte and Eversheds help Canal & River Trust pension to flow

30 July 2012

Deloitte, the business advisory firm, and international law firm Eversheds, have advised the Canal & River Trust on a new pension funding partnership (PFP) to enhance the security of its members’ pensions. This real estate asset-backed contribution formed part of a package of measures undertaken by Canal & River Trust.

The Canal & River Trust is a new charity that has taken over responsibility for 2,000 miles of canals and rivers in England and Wales. It will be among the UK’s biggest charities as it takes over from British Waterways in a major transfer of public assets into the charitable sector. As part of this move, it has entered into a partnership with the trustee of Waterways Pension Scheme, which will own commercial real estate assets, providing a secure income to the pension scheme trustee.

As part of a wider agreement to enhance the strength of the employer covenant in light of the transfer of the employer pension responsibilities to a body wholly independent of government, a PFP has been provided to the pension scheme. The use of the PFP structure enabled Canal & River Trust to provide additional funding and security to the scheme while preserving cash for charitable uses. Due to the charitable status there is no tax benefit from use of the PFP structure but it will deliver an attractive ongoing rate of return to the pension scheme while equally managing any risk of overfunding.

Philip Ridal, finance director at Canal & River Trust, says:

“Deloitte helped us to develop a PFP structure which made a significant difference to how we are able to manage and fund our scheme while respecting our commitments with all stakeholders. The support we have received from Deloitte and Eversheds throughout the project and the team’s efficiency and proactivity in driving the transaction forward at all stages, meant we were able to meet the timetable that was set.”

Ian Barnes, tax partner at Deloitte, says:

“This is a particularly significant PFP implementation given the interaction of all of the stakeholders including DEFRA and the Charities Commission in addition to Canal & River Trust and the pension scheme.  Not only is this model considerable for the charity sector, but it shows that the PFP solution is attractive to both the corporate market and wider non taxpaying sectors.”

Neil Matthews, partner at Eversheds, comments:

“We were delighted to work with Canal & River Trust in helping to establish this innovative structure. The project represents a very effective use of Canal & River Trust’s real estate assets and has real benefits to both the Canal & River Trust and its pension scheme.”


Note to editors

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

Member of Deloitte Touche Tohmatsu Limited

About Eversheds LLP
Eversheds LLP and its world wide offices have over 4,500 people who provide services to the private and public sector business and finance community. Access to all these services is provided through 45 international offices in 28 jurisdictions. Eversheds combines local market knowledge and access with the specialisms, resources and international capability of one of the world's largest law firms.

About The Canal & River Trust
The Canal & River Trust is the new charity being set up to care for England and Wales’ wonderful legacy of 200-year-old waterways, holding them in trust for the nation forever. It will be among the UK’s biggest charities, with responsibility for 2,000 miles of canals, rivers, docks and reservoirs, along with museums, archives and the country’s third largest collection of protected historic buildings.


Media contacts

Adrie Voges
Job Title:
+44 20 7007 9779

Share this page

Email this Send to LinkedIn Send to Facebook Tweet this More sharing options

Get in touch

More on Deloitte