Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Warrant definition

What does Warrant mean? In practice, a warrant is a tradable right giving the holder, but not the obligation, to buy or sell an underlying asset (typically shares, but also bonds, indices, currencies or commodities) at a fixed exercise price on or before a stated expiry date. It is a securitised derivative: its value derives from the underlying, and it provides price exposure without owning the asset. Key features: - Transferable security; commonly listed and traded on-exchange. - Not a debt instrument: no principal amount, no covenant to repay and no interest. - May be physically settled (subscription for new shares) or cash-settled; American or European...

Pensions warranties in business sales: scope, disclosures, limitations and remedies, with guidance on defined benefit risks and the use of indemnities

Published by a LexisNexis Pensions expert

Practice notes

THIS PRACTICE NOTE APPLIES IN RELATION TO PRIVATE sector pension schemeS

A business sale agreement commonly features warranties provided by the seller to the buyer. A warranty is the seller’s assurance that a fact is correct; for instance, the seller might confirm that a named pension scheme is the sole arrangement in which the target company participates. Pension warranties may appear alongside provisions on areas such as real estate and tax, or be set out in a standalone pensions schedule attached to the agreement. This Practice Note sets out why pension warranties are needed in business sales, what they typically look like, practical points when advising either buyer or seller, and illustrative examples of pension warranties.

Acting for the buyer

Ideally, the buyer should carry out a thorough review of the target’s pension arrangements to assess the risks and liabilities associated with the acquisition. The findings from this information-gathering stage will identify where the buyer should secure protection from the seller—via warranties and, where appropriate, indemnities—in the business sale agreement. For further information on due diligence, see Practice Note: Pensions due diligence in business sales—an introduction...

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Web page updated on 21/05/2026

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