Procter & Gamble succeeds in dispute with SCA in significant case for pension industry
Clients Procter & Gamble Company, The
Jones Day successfully advised The Procter & Gamble Company ("P&G") in relation to a multi-million pound dispute with Svenska Cellulosa Aktiebolaget SCA ("SCA") concerning payments allegedly due to SCA under an asset sale agreement in respect of early retirement pension benefits passing under The Transfer of Undertakings (Protection of Employment) Regulations from P&G to SCA. The case concerned previously undecided questions relating to pensions issues in business transfers, in particular the accommodation of members' rights in relation to private sector pension funds and whether pensions paid after normal retirement age but which first come into payment before then should be characterized as old-age benefits.
This was one of two successful representations of P&G in disputes arising out of the sale of its tissue towel business to SCA in 2007.
The Procter & Gamble Company v. Svenska Cellulosa Aktiebolaget SCA and another,  EWHC 1257 (Ch)