We help trustees to identify and manage covenant risk, however it may arise, as part of an integrated approach to managing risk in their scheme.

We help sponsors to understand the issues facing trustees and to anticipate their needs, with a view to finding solutions.

Why do trustees need covenant advice?

Managing covenant risk is central to trustees’ long term objectives to secure members’ benefits. An understanding of a sponsor’s ability to support a scheme, both now and in the future, is fundamental to helping trustees make funding and investment decisions and assessing the appropriate level of risk.

Why Penfida?

We are a market-leading, independent team of highly experienced professionals providing clear and innovative covenant and corporate finance advice to a wide range of clients across a wide range of industries.


What sets us apart:


Our independence ensures that our clients are our only focus


Our partners have extensive experience as senior covenant and corporate finance advisers


We have developed an integrated and risk-based approach to covenant assessment


We provide our clients with clear advice and recommendations

We advise over 100 pension clients ranging from < £50m schemes to some of the largest in the country, representing collectively over £300bn in assets.

Our services

Penfida provides a full range of covenant advisory services from regular evaluation, affordability assessment and monitoring to advice in specific situations, such as corporate transactions, restructurings, refinancings, contingent asset arrangements and scheme events.

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