Julia Dickson

Julia Dickson

Partner, Pensions Credit Advisory, PwC United Kingdom

Julia has advised pension schemes, corporates and lenders for over twenty years, providing covenant reviews and restructuring advice across a variety of sectors. She advised stakeholders on some of the earliest M&A transactions covered by the Pensions Act 2004, helping establish market practice as to how the pension creditor should be treated in a transaction.

Julia’s recent experience includes:

  • Advising the Board of a UK FTSE on negotiations with pension trustees of UK pension obligations across multiple employers, as part of extensive debt restructuring and new money requirements;
  • Advising the pension trustees of a UK pension scheme, reliant on UK operations of an overseas owned group, through triennial valuations and corporate driven activities (eg M&A and internal reorganisations);
  • Providing advice as to the impact of a restructuring on a pension scheme, bringing insolvency experience to assess relative positions of all financial stakeholders;
  • Advising trustees of a mid-sized corporate on the strength of its employer covenant, and how this impacts on the investment strategy and actuarial funding assumption;
  • Advising on flexible apportionment and accompanying negotiations; and
  • Advising an industry regulator on changes to its regime.

Julia combines her pensions knowledge with her prior lender restructuring and transaction skills when advising pension stakeholders on their negotiation strategies.


  • Pensions credit advisory