Pension Liabilities Could Sink Permira Bid for Smith Former WH Smith chairman Martin Taylor, who oversees the company’s underfunded pension fund now, is insisting that equity firm Permira would need to replenish the fund immediately if their takeover bid goes through-which could stop the deal altogether. A London newspaper reports, “Those overseeing pension funds have a duty to ensure that nothing happens that threatens the security of the fund. If a company is taken over by a group carrying high debts, the trustees are within their rights to insist that any shortfall in the fund is made up straight away. […]