Pensions & benefits


We help trustees and sponsoring employers understand the covenant supporting their pension scheme.

Understanding a scheme’s employer covenant is fundamental and should underpin any decisions relating to investment, funding, risk management and journey planning. Covenant strength can change quickly and significantly which can be triggered by a range of events, such as changing market dynamics, corporate or scheme restructurings, transactions, or fluctuations in trading performance.

How we can help

We help our clients understand their covenant. As well as undertaking triennial covenant reviews to support actuarial valuations, we provide proportionate and insightful monitoring solutions, advising on covenant support in the context of funding strategies and investment exposure.

We also help our clients with a wide range of additional covenant support, from understanding the impact of transactions and corporate events, to implementing non-cash funding solutions and undertaking reviews on PPF guarantee certifications.

How we help trustees with their covenant

Collaborative, proportionate and pragmatic advice - this is what our clients tell us they value most.

We champion a collaborative approach between advisors, sponsors and trustees. We tailor our advice to each client’s unique circumstances and provide clear advice on complex topics in a form that is easy to interpret, supported by intuitive visuals. This allows all stakeholders to easily understand the information and engage in discussions.

Being part of one of the UK’s largest pensions consultancies, we are able to collaborate with our experts relating to all key pension matters, facilitating our ability to provide covenant advice in a holistic and integrated manner. Our advice is further supported by our use of innovative technology, such as LCP Visualise, which provides funding, investment and covenant analytics and LCP Sonar, our risk management tool.

I have worked with Jon and the LCP covenant team on a number of cases and am consistently impressed with their ability to concisely set out the key issues and provide clear and understandable advice. LCP’s collaborative approach with trustees, sponsoring employers and advisers on both sides is a real feature of their proposition, which leads to positive outcomes for all parties.

Mark Fletcher, Client Director, Punter Southall Governance Services

How we have helped our clients

Our Covenant consulting experts

Our latest thinking

How we can help

Managing corporate change

We help both trustees and sponsors prepare for and deal with corporate change.

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Strategic journey planning and risk management

We help clients identify, manage and monitor pensions risks in an integrated way.

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Trustee consulting

We help trustees achieve their strategic goals, with solution-led, appropriate advice.

Trustee Consulting