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The eurozone crisis: corporate risk management for retirement benefits


03 October 2012

Contingency planning from Allen & Overy's Global Pensions Practice - a global overview with local detail for rapidly changing times.  

The European Central Bank has promised to do 'whatever it takes' to support the eurozone but, despite positive moves in recent weeks, the future remains unclear. Corporates operating across Europe will be affected if the uncertainty comes to a head and a member leaves, or the euro breaks up completely – but it's not clear that corporates generally are looking at pension risks as part of their contingency planning.

Partner Däna Burstow says: "We've been concerned for some time that multinationals may not be fully aware of the eurozone-related risks around pension issues. For many it seems to fall into the 'too difficult' box, with the situation constantly evolving. No-one can say exactly what will happen or which way to jump, but what we can do is help our clients to identify where the risk areas are. Knowledge is power: the people who have asked the right questions and assembled the right information in advance will be better able to protect themselves if the crisis comes to a head. Don't forget, pension arrangements vary widely in structure from one country to another, so issues for corporate risk teams will vary too."

"As our guide goes to press, there are media reports that only 10% of companies have looked at the possible impact of eurozone issues on their pension arrangements. We think our guide will increase that figure, helping corporates to be better prepared for whatever may come."

The guide looks at the big picture risks:

  • Currency break-up
  • One or more countries exiting the euro
  • The imposition of exchange or capital controls, and
  • Redenomination risks

– and at how these affect a range of practical, day-to-day issues for employers and pension fund trustees and managers.

Download: The eurozone crisis: corporate risk management for retirement benefits


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