CVR has been advising trustees on complex employer covenant issues since 2006, both in connection with triennial valuations and corporate transactions.

Pension Advisory Services is led by Kevin Murphy and Mark Stevens.

Kevin and Mark between them have performed over 40 covenant reviews in the last three years, with their reviews being well received by pension trustees for their clarity and added value. We are recognised for providing a quality service at a reasonable cost.

Advising Trustees:

  • Triennial valuations – providing an understanding of the financial position of the sponsoring employer and identifying the level of contributions the sponsoring employer may reasonably afford
  • Helping trustees to assess the likely return in the event of the failure of the employer’s business
  • Advising on the covenant consequences of corporate transactions, refinancing or reorganisations, and in particular advising on detriment and mitigation
  • Assisting with the negotiation of recovery plans
  • Identifying assets available to support a pension scheme funding deficit
  • Assisting in negotiations or communications with tPR and the PPF
  • Specialist advice in circumstances where there is a real risk of employer insolvency and / or in connection with Regulated Apportionment Arrangements; and
  • Expert witness services in connection with litigation undertaken by trustees

Advising Sponsoring Employers:

We also have specialist expertise in advising employers facing financial distress, both in connection with insolvency situations and compromises with pension schemes, including Regulated Apportionment Arrangements.

Our Clients

Our reviews have covered employers of varying size and sector, including subsidiaries of large international listed corporations, SMEs, professional partnerships, trade unions, not-for-profit organisations and charities. CVR also have considerable experience in working with multi-employer schemes. We pride ourselves on working with trustees to ensure that the scope of our review (and therefore the cost) is proportionate to the size and risk profile of both the scheme and the employer. For further information, please contact either Kevin Murphy at or Mark Stevens at