Testing the covenant



Nick Dunbar, editor of Life & Pensions magazine.

Chris Holden, chairman of the £3 billion telent pension scheme, also known as the GEC Marconi scheme.

Helen James, director of Law Debenture Pension Trust Corporation, a firm of independent pension trustees.

Eric Hunt, head of pensions for BAA and secretary to the trustees of the £2.2 billion scheme.

Tony Watson, chairman of the £5 billion Marks and Spencer pension fund.

Nick Dunbar

The sponsor covenant is perhaps the most critical factor in UK defi

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