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.

Specialism

  • Pensions credit advisory