SlideShare a Scribd company logo
1 of 3
Download to read offline
The Pension Superfund Capital GP II Limited is registered in Guernsey under number 67461 with registered office at First
Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE
1
The Football League Limited The Football Association Premier League Limited
EFL House Brunel Building
10-12 West Cliff 57 North Wharf Road
Preston, Lancashire London
PR1 8HU W2 1HQ
(“EFL”) (“Premier League”)
By email
11th
January 2024
FAO:
- EFL: Rick Parry (Chairman) and Trevor Birch (CEO)
- Premier League1
: Alison Brittain (Chairman) and Richard Masters (CEO)
Subject: The Football League Pension and Life Assurance Scheme Risk Transfer
Dear Rick, Trevor, Alison and Richard,
I write to you on behalf of Pension SuperFund Capital2
(“PSFC”). PSFC’s goal is to be the ‘one stop
pension shop’, and so take away your legacy pension obligations, allowing the EFL and Premier League
to focus on their core business of running football, whilst ensuring that members’ pension benefits are
paid in full.
UK football clubs have come to our attention, not least due to a number of high-profile changes of
control; and findings that clubs have fallen foul of UEFA’s Financial Sustainability regulations.
We offer an opportunity to provide full benefits to members with a very high degree of certainty, at a
significantly lower cost than an insurance buy-out.
We feel this is the correct time to engage, noting the latest triennial valuation is expected to have been
completed in H2 2023.
1. Our Understanding of the Situation
We understand there are two main pension schemes relevant to clubs in the EFL and Premier League:
- the Football League Limited Pension and Life Assurance Scheme (the “Scheme”); and
- the Professional Footballers Pension Scheme3
(the “PFP Scheme”).
Whilst this letter focuses on the Scheme, we would be very happy to engage under NDA to discuss the
position of the PFP Scheme also. Additionally, EFL appears to have a small defined benefit scheme
which we would also be happy to engage on as part of a wider solution.
The Scheme is a funded multi-employer defined benefit scheme. The previous actuarial valuation
showed a deficit of £27.6m (the “Pension Deficit”) which was shared amongst various clubs ranging
1 https://resources.premierleague.com/premierleague/document/2024/01/04/21175cfd-faa3-4b01-bbad-65894fead686/PL_Handbook_2023-
24_DIGITAL_04.01.24-final-.pdf.
2 Pension SuperFund Capital GP II Limited.
3 Created via a merger of Football League Limited Players' Non-contributory Cash Benefit Scheme and Football League Limited Players'
Retirement Income Scheme.
The Pension Superfund Capital GP II Limited is registered in Guernsey under number 67461 with registered office at First
Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE
2
from the top of the Premier League to some non-League teams, albeit it is not possible to apportion a
specific share of the assets and liabilities of the Scheme to the various clubs.
2. Our Proposal relating to the Scheme
We expect the Pension Deficit will have reduced significantly or may even be in a surplus at the latest
triennial valuation. Even if the current valuation leads to a reduction or elimination of “deficit repair
payments”, the risk is not removed in perpetuity and the situation may easily reverse at future valuation
dates (pension liabilities have risen 5% in just the last couple of months) for reasons largely outside the
control of the trustees or sponsoring clubs. It is possible to transfer this risk to an insurance company,
but only for an additional premium - over and above what we can offer - of £20m or more in today’s
markets.
In addition, as a multi-employer scheme, each club is legally required to increase contributions
whenever a participating club exits the Scheme, most likely due to that club falling into financial
difficulties.
While the absolute sums paid per annum into the pension schemes by the Premier League clubs appear
relatively trivial compared with their TV revenues, payroll or gate receipts, the amounts are very
material in context for lower / non-league clubs.
We propose, with the support of both the EFL and the Premier League, to engage first with the ten
largest contributors to the Scheme. We hope that a solution with those clubs can be reached, to the
benefit of all parties – so de-risking every club in the football league and the Scheme members.
PSFC would provide a new solvent company that joins the Scheme and so underwrites the ‘full risks’
of the pension obligations on a “last man standing” basis to the benefit of all stakeholders and, most
importantly, the Scheme’s members (the “Proposal”). In addition PFSC will provide a new capital
buffer worth around 10% of the current liabilities. As well as removing the future cash demands on all
clubs, this will enable the trustees to adopt a new investment strategy, fully hedging their unrewarded
risks and generating surplus that can be used to enhance members’ benefits – most welcome in the
persistent inflation environment.
Given the impending conclusion on the triennial valuation process, now is the perfect time to engage in
this discussion
3. Benefits to football
De-risking Scheme members is to the benefit of all stakeholders. Alongside this, we envisage enactment
of Proposal will be a catalyst for positive news flow for clubs which participate.
For the relatively small cost to the larger clubs which engage with us, this will materially support some
now non-league entities such as Scarborough, Maidstone, Aldershot and Hereford who are a party to
the Scheme.
PSFC’s structures always provide a share of any upside with members of schemes where it takes on
‘full risk’. In addition to this sharing with members, we propose a further 5% of the upside is dedicated
to grass-roots football in the UK. This will provide a long term, low risk cash flow to UK grass-roots
football, bringing through the next generation who have been inspired by members of the Scheme.
The Pension Superfund Capital GP II Limited is registered in Guernsey under number 67461 with registered office at First
Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE
3
4. Conclusion
We have our boards’ approvals to proceed with the Proposal. We look forward to engaging with you
further, both to ensure support for the Proposal and subsequently connect with relevant parties. We are
ready to provide documentation, including a price-lock guarantee, following provision of further
information.
We hope to work closely with you all to move the Scheme along the journey to a safe and secure home
with a solution that is good for members, good for clubs and good for the game.
Yours faithfully,
Edmund Truell
Director
Pension SuperFund Capital GP II Limited

More Related Content

Similar to letter to the EF and Premiership about pension liabilities

Sports Media Nexus
Sports Media NexusSports Media Nexus
Sports Media NexusDeepa Shukla
 
Old Case sports-medianexus.pdf
Old Case sports-medianexus.pdfOld Case sports-medianexus.pdf
Old Case sports-medianexus.pdfSumitSharma177653
 
Powering possibilities in pensions
Powering possibilities in pensionsPowering possibilities in pensions
Powering possibilities in pensionsHenry Tapper
 
Paul Maynard , the Pensions Minister spells out his intent on open DB schemes
Paul Maynard , the Pensions Minister spells out his intent  on open DB schemesPaul Maynard , the Pensions Minister spells out his intent  on open DB schemes
Paul Maynard , the Pensions Minister spells out his intent on open DB schemesHenry Tapper
 
Horner Downey & Co Summer Newsletter
Horner Downey & Co Summer NewsletterHorner Downey & Co Summer Newsletter
Horner Downey & Co Summer NewsletterJenny Ferguson
 
Kempen ' UK DB Endgame Paper Apr 24 final3.pdf
Kempen ' UK DB Endgame Paper Apr 24 final3.pdfKempen ' UK DB Endgame Paper Apr 24 final3.pdf
Kempen ' UK DB Endgame Paper Apr 24 final3.pdfHenry Tapper
 
Assessing Tax Credit
Assessing Tax CreditAssessing Tax Credit
Assessing Tax CreditLily Foreman
 
Supporters direct conference community shares presentation
Supporters direct conference community shares presentationSupporters direct conference community shares presentation
Supporters direct conference community shares presentationSupporters Direct
 
Jeremy Hunt's letter to Nausicaa Delfas
Jeremy Hunt's letter to Nausicaa DelfasJeremy Hunt's letter to Nausicaa Delfas
Jeremy Hunt's letter to Nausicaa DelfasHenry Tapper
 
Cnpf final prospectus
Cnpf final prospectusCnpf final prospectus
Cnpf final prospectusLecille Wads
 
Legal Shorts 05.07.13
Legal Shorts 05.07.13Legal Shorts 05.07.13
Legal Shorts 05.07.13Cummings
 
Horner Downey & Company Ltd Newsletter- Tax-Saving Strategies
Horner Downey & Company Ltd Newsletter- Tax-Saving StrategiesHorner Downey & Company Ltd Newsletter- Tax-Saving Strategies
Horner Downey & Company Ltd Newsletter- Tax-Saving StrategiesJenny Ferguson
 
ESUPERFUND Information Package
ESUPERFUND Information PackageESUPERFUND Information Package
ESUPERFUND Information PackageESUPERFUND
 
Less waste lower taxes stronger growth
Less waste lower taxes stronger growthLess waste lower taxes stronger growth
Less waste lower taxes stronger growthOfficialFineGael
 
International investors presentation
International investors presentationInternational investors presentation
International investors presentationIN2ITFRANCHISE
 
Alternative Investment Portfolio
Alternative Investment PortfolioAlternative Investment Portfolio
Alternative Investment Portfoliocapital-investments
 
Fund Overview - July - September 2015
Fund Overview - July - September 2015Fund Overview - July - September 2015
Fund Overview - July - September 2015Elaine Kingston
 
Bankhall Conference 2009 - Axa
Bankhall Conference 2009 - AxaBankhall Conference 2009 - Axa
Bankhall Conference 2009 - AxaBankhall
 

Similar to letter to the EF and Premiership about pension liabilities (20)

Sports Media Nexus
Sports Media NexusSports Media Nexus
Sports Media Nexus
 
Old Case sports-medianexus.pdf
Old Case sports-medianexus.pdfOld Case sports-medianexus.pdf
Old Case sports-medianexus.pdf
 
Powering possibilities in pensions
Powering possibilities in pensionsPowering possibilities in pensions
Powering possibilities in pensions
 
Paul Maynard , the Pensions Minister spells out his intent on open DB schemes
Paul Maynard , the Pensions Minister spells out his intent  on open DB schemesPaul Maynard , the Pensions Minister spells out his intent  on open DB schemes
Paul Maynard , the Pensions Minister spells out his intent on open DB schemes
 
Horner Downey & Co Summer Newsletter
Horner Downey & Co Summer NewsletterHorner Downey & Co Summer Newsletter
Horner Downey & Co Summer Newsletter
 
Kempen ' UK DB Endgame Paper Apr 24 final3.pdf
Kempen ' UK DB Endgame Paper Apr 24 final3.pdfKempen ' UK DB Endgame Paper Apr 24 final3.pdf
Kempen ' UK DB Endgame Paper Apr 24 final3.pdf
 
Assessing Tax Credit
Assessing Tax CreditAssessing Tax Credit
Assessing Tax Credit
 
Supporters direct conference community shares presentation
Supporters direct conference community shares presentationSupporters direct conference community shares presentation
Supporters direct conference community shares presentation
 
Jeremy Hunt's letter to Nausicaa Delfas
Jeremy Hunt's letter to Nausicaa DelfasJeremy Hunt's letter to Nausicaa Delfas
Jeremy Hunt's letter to Nausicaa Delfas
 
Cnpf final prospectus
Cnpf final prospectusCnpf final prospectus
Cnpf final prospectus
 
Legal Shorts 05.07.13
Legal Shorts 05.07.13Legal Shorts 05.07.13
Legal Shorts 05.07.13
 
Horner Downey & Company Ltd Newsletter- Tax-Saving Strategies
Horner Downey & Company Ltd Newsletter- Tax-Saving StrategiesHorner Downey & Company Ltd Newsletter- Tax-Saving Strategies
Horner Downey & Company Ltd Newsletter- Tax-Saving Strategies
 
#MoreBall for UK Football Fans
#MoreBall for UK Football Fans#MoreBall for UK Football Fans
#MoreBall for UK Football Fans
 
ESUPERFUND Information Package
ESUPERFUND Information PackageESUPERFUND Information Package
ESUPERFUND Information Package
 
WP proposal
WP proposal WP proposal
WP proposal
 
Less waste lower taxes stronger growth
Less waste lower taxes stronger growthLess waste lower taxes stronger growth
Less waste lower taxes stronger growth
 
International investors presentation
International investors presentationInternational investors presentation
International investors presentation
 
Alternative Investment Portfolio
Alternative Investment PortfolioAlternative Investment Portfolio
Alternative Investment Portfolio
 
Fund Overview - July - September 2015
Fund Overview - July - September 2015Fund Overview - July - September 2015
Fund Overview - July - September 2015
 
Bankhall Conference 2009 - Axa
Bankhall Conference 2009 - AxaBankhall Conference 2009 - Axa
Bankhall Conference 2009 - Axa
 

More from Henry Tapper

BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdfBPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdfHenry Tapper
 
House of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview documentHouse of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview documentHenry Tapper
 
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdfmagnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdfHenry Tapper
 
2024-04-09 - Pension Playpen roundtable - slides.pptx
2024-04-09 - Pension Playpen roundtable - slides.pptx2024-04-09 - Pension Playpen roundtable - slides.pptx
2024-04-09 - Pension Playpen roundtable - slides.pptxHenry Tapper
 
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshareAon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshareHenry Tapper
 
Con Keating's coffee morning presentation.pptx
Con Keating's coffee morning  presentation.pptxCon Keating's coffee morning  presentation.pptx
Con Keating's coffee morning presentation.pptxHenry Tapper
 
Budget 1974.care of Peter Cameron Brown .
Budget 1974.care of Peter Cameron Brown .Budget 1974.care of Peter Cameron Brown .
Budget 1974.care of Peter Cameron Brown .Henry Tapper
 
JD ED Strategy Policy and Analysis. TPrpdf
JD ED Strategy Policy and Analysis. TPrpdfJD ED Strategy Policy and Analysis. TPrpdf
JD ED Strategy Policy and Analysis. TPrpdfHenry Tapper
 
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdfHenry Tapper
 
Press release from the BP Pensioner Group on the WPC DB report
Press release from the BP Pensioner Group on the WPC DB reportPress release from the BP Pensioner Group on the WPC DB report
Press release from the BP Pensioner Group on the WPC DB reportHenry Tapper
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingHenry Tapper
 
The Pension Regulator's "desputed numbers"
The Pension Regulator's "desputed numbers"The Pension Regulator's "desputed numbers"
The Pension Regulator's "desputed numbers"Henry Tapper
 
Advice Guidance Boundary Review Evidence Final Feb 24.pdf
Advice Guidance Boundary Review Evidence Final Feb 24.pdfAdvice Guidance Boundary Review Evidence Final Feb 24.pdf
Advice Guidance Boundary Review Evidence Final Feb 24.pdfHenry Tapper
 
CHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdf
CHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdfCHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdf
CHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdfHenry Tapper
 
2024.02-The-radical-option-in-UK-pensions-New-Financial.pdf
2024.02-The-radical-option-in-UK-pensions-New-Financial.pdf2024.02-The-radical-option-in-UK-pensions-New-Financial.pdf
2024.02-The-radical-option-in-UK-pensions-New-Financial.pdfHenry Tapper
 
tpr ldi response to the work and pensions commitee
tpr ldi response to the work and pensions commiteetpr ldi response to the work and pensions commitee
tpr ldi response to the work and pensions commiteeHenry Tapper
 
Financing-Growth - take a step to the right.
Financing-Growth - take a step to the right.Financing-Growth - take a step to the right.
Financing-Growth - take a step to the right.Henry Tapper
 
Stephen Timms writes to Bim Afolami Superfunds.pdf
Stephen Timms writes to Bim Afolami Superfunds.pdfStephen Timms writes to Bim Afolami Superfunds.pdf
Stephen Timms writes to Bim Afolami Superfunds.pdfHenry Tapper
 
Pensions Age 2024 DC roundtable discussion
Pensions Age 2024 DC roundtable discussionPensions Age 2024 DC roundtable discussion
Pensions Age 2024 DC roundtable discussionHenry Tapper
 
EOS Gratuity reform in the middle east - a paper for Smart by Tim Phillips
EOS Gratuity reform in the middle east - a paper for Smart by Tim PhillipsEOS Gratuity reform in the middle east - a paper for Smart by Tim Phillips
EOS Gratuity reform in the middle east - a paper for Smart by Tim PhillipsHenry Tapper
 

More from Henry Tapper (20)

BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdfBPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
BPPG response - Options for Defined Benefit schemes - 19Apr24.pdf
 
House of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview documentHouse of Commons ; CDC schemes overview document
House of Commons ; CDC schemes overview document
 
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdfmagnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
magnetic-pensions-a-new-blueprint-for-the-dc-landscape.pdf
 
2024-04-09 - Pension Playpen roundtable - slides.pptx
2024-04-09 - Pension Playpen roundtable - slides.pptx2024-04-09 - Pension Playpen roundtable - slides.pptx
2024-04-09 - Pension Playpen roundtable - slides.pptx
 
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshareAon-UK-DC-Pension-Tracker-Q1-2024. slideshare
Aon-UK-DC-Pension-Tracker-Q1-2024. slideshare
 
Con Keating's coffee morning presentation.pptx
Con Keating's coffee morning  presentation.pptxCon Keating's coffee morning  presentation.pptx
Con Keating's coffee morning presentation.pptx
 
Budget 1974.care of Peter Cameron Brown .
Budget 1974.care of Peter Cameron Brown .Budget 1974.care of Peter Cameron Brown .
Budget 1974.care of Peter Cameron Brown .
 
JD ED Strategy Policy and Analysis. TPrpdf
JD ED Strategy Policy and Analysis. TPrpdfJD ED Strategy Policy and Analysis. TPrpdf
JD ED Strategy Policy and Analysis. TPrpdf
 
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
2024-3-29 - PR Newswire - Federal Judge Says BP Must Reform its Pension Plan.pdf
 
Press release from the BP Pensioner Group on the WPC DB report
Press release from the BP Pensioner Group on the WPC DB reportPress release from the BP Pensioner Group on the WPC DB report
Press release from the BP Pensioner Group on the WPC DB report
 
Work and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB fundingWork and Pensions report into UK corporate DB funding
Work and Pensions report into UK corporate DB funding
 
The Pension Regulator's "desputed numbers"
The Pension Regulator's "desputed numbers"The Pension Regulator's "desputed numbers"
The Pension Regulator's "desputed numbers"
 
Advice Guidance Boundary Review Evidence Final Feb 24.pdf
Advice Guidance Boundary Review Evidence Final Feb 24.pdfAdvice Guidance Boundary Review Evidence Final Feb 24.pdf
Advice Guidance Boundary Review Evidence Final Feb 24.pdf
 
CHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdf
CHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdfCHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdf
CHEMAY Treasury Retirement Phase of Super Submission FINAL February 2024.pdf
 
2024.02-The-radical-option-in-UK-pensions-New-Financial.pdf
2024.02-The-radical-option-in-UK-pensions-New-Financial.pdf2024.02-The-radical-option-in-UK-pensions-New-Financial.pdf
2024.02-The-radical-option-in-UK-pensions-New-Financial.pdf
 
tpr ldi response to the work and pensions commitee
tpr ldi response to the work and pensions commiteetpr ldi response to the work and pensions commitee
tpr ldi response to the work and pensions commitee
 
Financing-Growth - take a step to the right.
Financing-Growth - take a step to the right.Financing-Growth - take a step to the right.
Financing-Growth - take a step to the right.
 
Stephen Timms writes to Bim Afolami Superfunds.pdf
Stephen Timms writes to Bim Afolami Superfunds.pdfStephen Timms writes to Bim Afolami Superfunds.pdf
Stephen Timms writes to Bim Afolami Superfunds.pdf
 
Pensions Age 2024 DC roundtable discussion
Pensions Age 2024 DC roundtable discussionPensions Age 2024 DC roundtable discussion
Pensions Age 2024 DC roundtable discussion
 
EOS Gratuity reform in the middle east - a paper for Smart by Tim Phillips
EOS Gratuity reform in the middle east - a paper for Smart by Tim PhillipsEOS Gratuity reform in the middle east - a paper for Smart by Tim Phillips
EOS Gratuity reform in the middle east - a paper for Smart by Tim Phillips
 

Recently uploaded

Stock Market Brief Deck FOR 4/17 video.pdf
Stock Market Brief Deck FOR 4/17 video.pdfStock Market Brief Deck FOR 4/17 video.pdf
Stock Market Brief Deck FOR 4/17 video.pdfMichael Silva
 
Uae-NO1 Pakistani Amil Baba Real Amil baba In Pakistan Najoomi Baba in Pakist...
Uae-NO1 Pakistani Amil Baba Real Amil baba In Pakistan Najoomi Baba in Pakist...Uae-NO1 Pakistani Amil Baba Real Amil baba In Pakistan Najoomi Baba in Pakist...
Uae-NO1 Pakistani Amil Baba Real Amil baba In Pakistan Najoomi Baba in Pakist...Amil baba
 
212MTAMount Durham University Bachelor's Diploma in Technology
212MTAMount Durham University Bachelor's Diploma in Technology212MTAMount Durham University Bachelor's Diploma in Technology
212MTAMount Durham University Bachelor's Diploma in Technologyz xss
 
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...Amil baba
 
NCDC and NAFED presentation by Paras .pptx
NCDC and NAFED presentation by Paras .pptxNCDC and NAFED presentation by Paras .pptx
NCDC and NAFED presentation by Paras .pptxnaikparas90
 
Financial analysis on Risk and Return.ppt
Financial analysis on Risk and Return.pptFinancial analysis on Risk and Return.ppt
Financial analysis on Risk and Return.ppttadegebreyesus
 
Role of Information and technology in banking and finance .pptx
Role of Information and technology in banking and finance .pptxRole of Information and technology in banking and finance .pptx
Role of Information and technology in banking and finance .pptxNarayaniTripathi2
 
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证jdkhjh
 
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...amilabibi1
 
Gender and caste discrimination in india
Gender and caste discrimination in indiaGender and caste discrimination in india
Gender and caste discrimination in indiavandanasingh01072003
 
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...Amil baba
 
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.pptAnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.pptPriyankaSharma89719
 
Stock Market Brief Deck for "this does not happen often".pdf
Stock Market Brief Deck for "this does not happen often".pdfStock Market Brief Deck for "this does not happen often".pdf
Stock Market Brief Deck for "this does not happen often".pdfMichael Silva
 
government_intervention_in_business_ownership[1].pdf
government_intervention_in_business_ownership[1].pdfgovernment_intervention_in_business_ownership[1].pdf
government_intervention_in_business_ownership[1].pdfshaunmashale756
 
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...Amil baba
 
NO1 WorldWide Love marriage specialist baba ji Amil Baba Kala ilam powerful v...
NO1 WorldWide Love marriage specialist baba ji Amil Baba Kala ilam powerful v...NO1 WorldWide Love marriage specialist baba ji Amil Baba Kala ilam powerful v...
NO1 WorldWide Love marriage specialist baba ji Amil Baba Kala ilam powerful v...Amil baba
 
Economic Risk Factor Update: April 2024 [SlideShare]
Economic Risk Factor Update: April 2024 [SlideShare]Economic Risk Factor Update: April 2024 [SlideShare]
Economic Risk Factor Update: April 2024 [SlideShare]Commonwealth
 
1:1原版定制美国加州大学河滨分校毕业证成绩单pdf电子版制作修改
1:1原版定制美国加州大学河滨分校毕业证成绩单pdf电子版制作修改1:1原版定制美国加州大学河滨分校毕业证成绩单pdf电子版制作修改
1:1原版定制美国加州大学河滨分校毕业证成绩单pdf电子版制作修改yuu sss
 
Global Economic Outlook, 2024 - Scholaride Consulting
Global Economic Outlook, 2024 - Scholaride ConsultingGlobal Economic Outlook, 2024 - Scholaride Consulting
Global Economic Outlook, 2024 - Scholaride Consultingswastiknandyofficial
 
Bladex 1Q24 Earning Results Presentation
Bladex 1Q24 Earning Results PresentationBladex 1Q24 Earning Results Presentation
Bladex 1Q24 Earning Results PresentationBladex
 

Recently uploaded (20)

Stock Market Brief Deck FOR 4/17 video.pdf
Stock Market Brief Deck FOR 4/17 video.pdfStock Market Brief Deck FOR 4/17 video.pdf
Stock Market Brief Deck FOR 4/17 video.pdf
 
Uae-NO1 Pakistani Amil Baba Real Amil baba In Pakistan Najoomi Baba in Pakist...
Uae-NO1 Pakistani Amil Baba Real Amil baba In Pakistan Najoomi Baba in Pakist...Uae-NO1 Pakistani Amil Baba Real Amil baba In Pakistan Najoomi Baba in Pakist...
Uae-NO1 Pakistani Amil Baba Real Amil baba In Pakistan Najoomi Baba in Pakist...
 
212MTAMount Durham University Bachelor's Diploma in Technology
212MTAMount Durham University Bachelor's Diploma in Technology212MTAMount Durham University Bachelor's Diploma in Technology
212MTAMount Durham University Bachelor's Diploma in Technology
 
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
 
NCDC and NAFED presentation by Paras .pptx
NCDC and NAFED presentation by Paras .pptxNCDC and NAFED presentation by Paras .pptx
NCDC and NAFED presentation by Paras .pptx
 
Financial analysis on Risk and Return.ppt
Financial analysis on Risk and Return.pptFinancial analysis on Risk and Return.ppt
Financial analysis on Risk and Return.ppt
 
Role of Information and technology in banking and finance .pptx
Role of Information and technology in banking and finance .pptxRole of Information and technology in banking and finance .pptx
Role of Information and technology in banking and finance .pptx
 
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
原版1:1复刻堪萨斯大学毕业证KU毕业证留信学历认证
 
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
 
Gender and caste discrimination in india
Gender and caste discrimination in indiaGender and caste discrimination in india
Gender and caste discrimination in india
 
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
 
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.pptAnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
AnyConv.com__FSS Advance Retail & Distribution - 15.06.17.ppt
 
Stock Market Brief Deck for "this does not happen often".pdf
Stock Market Brief Deck for "this does not happen often".pdfStock Market Brief Deck for "this does not happen often".pdf
Stock Market Brief Deck for "this does not happen often".pdf
 
government_intervention_in_business_ownership[1].pdf
government_intervention_in_business_ownership[1].pdfgovernment_intervention_in_business_ownership[1].pdf
government_intervention_in_business_ownership[1].pdf
 
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
 
NO1 WorldWide Love marriage specialist baba ji Amil Baba Kala ilam powerful v...
NO1 WorldWide Love marriage specialist baba ji Amil Baba Kala ilam powerful v...NO1 WorldWide Love marriage specialist baba ji Amil Baba Kala ilam powerful v...
NO1 WorldWide Love marriage specialist baba ji Amil Baba Kala ilam powerful v...
 
Economic Risk Factor Update: April 2024 [SlideShare]
Economic Risk Factor Update: April 2024 [SlideShare]Economic Risk Factor Update: April 2024 [SlideShare]
Economic Risk Factor Update: April 2024 [SlideShare]
 
1:1原版定制美国加州大学河滨分校毕业证成绩单pdf电子版制作修改
1:1原版定制美国加州大学河滨分校毕业证成绩单pdf电子版制作修改1:1原版定制美国加州大学河滨分校毕业证成绩单pdf电子版制作修改
1:1原版定制美国加州大学河滨分校毕业证成绩单pdf电子版制作修改
 
Global Economic Outlook, 2024 - Scholaride Consulting
Global Economic Outlook, 2024 - Scholaride ConsultingGlobal Economic Outlook, 2024 - Scholaride Consulting
Global Economic Outlook, 2024 - Scholaride Consulting
 
Bladex 1Q24 Earning Results Presentation
Bladex 1Q24 Earning Results PresentationBladex 1Q24 Earning Results Presentation
Bladex 1Q24 Earning Results Presentation
 

letter to the EF and Premiership about pension liabilities

  • 1. The Pension Superfund Capital GP II Limited is registered in Guernsey under number 67461 with registered office at First Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE 1 The Football League Limited The Football Association Premier League Limited EFL House Brunel Building 10-12 West Cliff 57 North Wharf Road Preston, Lancashire London PR1 8HU W2 1HQ (“EFL”) (“Premier League”) By email 11th January 2024 FAO: - EFL: Rick Parry (Chairman) and Trevor Birch (CEO) - Premier League1 : Alison Brittain (Chairman) and Richard Masters (CEO) Subject: The Football League Pension and Life Assurance Scheme Risk Transfer Dear Rick, Trevor, Alison and Richard, I write to you on behalf of Pension SuperFund Capital2 (“PSFC”). PSFC’s goal is to be the ‘one stop pension shop’, and so take away your legacy pension obligations, allowing the EFL and Premier League to focus on their core business of running football, whilst ensuring that members’ pension benefits are paid in full. UK football clubs have come to our attention, not least due to a number of high-profile changes of control; and findings that clubs have fallen foul of UEFA’s Financial Sustainability regulations. We offer an opportunity to provide full benefits to members with a very high degree of certainty, at a significantly lower cost than an insurance buy-out. We feel this is the correct time to engage, noting the latest triennial valuation is expected to have been completed in H2 2023. 1. Our Understanding of the Situation We understand there are two main pension schemes relevant to clubs in the EFL and Premier League: - the Football League Limited Pension and Life Assurance Scheme (the “Scheme”); and - the Professional Footballers Pension Scheme3 (the “PFP Scheme”). Whilst this letter focuses on the Scheme, we would be very happy to engage under NDA to discuss the position of the PFP Scheme also. Additionally, EFL appears to have a small defined benefit scheme which we would also be happy to engage on as part of a wider solution. The Scheme is a funded multi-employer defined benefit scheme. The previous actuarial valuation showed a deficit of £27.6m (the “Pension Deficit”) which was shared amongst various clubs ranging 1 https://resources.premierleague.com/premierleague/document/2024/01/04/21175cfd-faa3-4b01-bbad-65894fead686/PL_Handbook_2023- 24_DIGITAL_04.01.24-final-.pdf. 2 Pension SuperFund Capital GP II Limited. 3 Created via a merger of Football League Limited Players' Non-contributory Cash Benefit Scheme and Football League Limited Players' Retirement Income Scheme.
  • 2. The Pension Superfund Capital GP II Limited is registered in Guernsey under number 67461 with registered office at First Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE 2 from the top of the Premier League to some non-League teams, albeit it is not possible to apportion a specific share of the assets and liabilities of the Scheme to the various clubs. 2. Our Proposal relating to the Scheme We expect the Pension Deficit will have reduced significantly or may even be in a surplus at the latest triennial valuation. Even if the current valuation leads to a reduction or elimination of “deficit repair payments”, the risk is not removed in perpetuity and the situation may easily reverse at future valuation dates (pension liabilities have risen 5% in just the last couple of months) for reasons largely outside the control of the trustees or sponsoring clubs. It is possible to transfer this risk to an insurance company, but only for an additional premium - over and above what we can offer - of £20m or more in today’s markets. In addition, as a multi-employer scheme, each club is legally required to increase contributions whenever a participating club exits the Scheme, most likely due to that club falling into financial difficulties. While the absolute sums paid per annum into the pension schemes by the Premier League clubs appear relatively trivial compared with their TV revenues, payroll or gate receipts, the amounts are very material in context for lower / non-league clubs. We propose, with the support of both the EFL and the Premier League, to engage first with the ten largest contributors to the Scheme. We hope that a solution with those clubs can be reached, to the benefit of all parties – so de-risking every club in the football league and the Scheme members. PSFC would provide a new solvent company that joins the Scheme and so underwrites the ‘full risks’ of the pension obligations on a “last man standing” basis to the benefit of all stakeholders and, most importantly, the Scheme’s members (the “Proposal”). In addition PFSC will provide a new capital buffer worth around 10% of the current liabilities. As well as removing the future cash demands on all clubs, this will enable the trustees to adopt a new investment strategy, fully hedging their unrewarded risks and generating surplus that can be used to enhance members’ benefits – most welcome in the persistent inflation environment. Given the impending conclusion on the triennial valuation process, now is the perfect time to engage in this discussion 3. Benefits to football De-risking Scheme members is to the benefit of all stakeholders. Alongside this, we envisage enactment of Proposal will be a catalyst for positive news flow for clubs which participate. For the relatively small cost to the larger clubs which engage with us, this will materially support some now non-league entities such as Scarborough, Maidstone, Aldershot and Hereford who are a party to the Scheme. PSFC’s structures always provide a share of any upside with members of schemes where it takes on ‘full risk’. In addition to this sharing with members, we propose a further 5% of the upside is dedicated to grass-roots football in the UK. This will provide a long term, low risk cash flow to UK grass-roots football, bringing through the next generation who have been inspired by members of the Scheme.
  • 3. The Pension Superfund Capital GP II Limited is registered in Guernsey under number 67461 with registered office at First Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE 3 4. Conclusion We have our boards’ approvals to proceed with the Proposal. We look forward to engaging with you further, both to ensure support for the Proposal and subsequently connect with relevant parties. We are ready to provide documentation, including a price-lock guarantee, following provision of further information. We hope to work closely with you all to move the Scheme along the journey to a safe and secure home with a solution that is good for members, good for clubs and good for the game. Yours faithfully, Edmund Truell Director Pension SuperFund Capital GP II Limited