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25th April 2016, 17:44 | #1 |
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Shades of the Phoenix Four?
Listening to news of the collapse of BHS it would appear that first thing the buyers did after buying it for £1 was, congratulate themselves by giving each other a £2,000,000 bonus.
10,000 loyal workers end up with nothing apart from unemployment and reduced pensions, isn't it about time laws were changed to stop this sort of thing! |
25th April 2016, 17:49 | #2 | |
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The thing is who will change it and when? Successive governments don't seem to care. At times I think this country stinks!
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25th April 2016, 17:53 | #3 |
This is my second home
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I'm glad it wasn't just me who thought this.
Shady venture capital group buys ailing car company / retailer (delete as appropriate) and proceeds to sell of the property and raid the pension fund while putting on a half-hearted show of actually wanting to run the business.
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25th April 2016, 18:17 | #4 |
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Have I missed something?
As far as I'm aware, BHS went into receivership this morning and no buyer has yet been found. |
25th April 2016, 18:21 | #5 | |
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Rai the Pension Fund?
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I think you will find that the £500 million pension fund deficit was created by the previous owner Sir Phillip Green of Arcadia group, before selling for £1 |
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25th April 2016, 18:28 | #6 |
Precise
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I think that the company's contribution into a pension fund should be paid at the same time as the employees part, ie both at the same time, with no way for anyone to be able to take from it until you retire or change jobs. Most deficits are caused by underperforming funds for final salary schemes, ccompanies should be required by law to top up annually.
Last edited by KWIL; 25th April 2016 at 18:30.. |
25th April 2016, 18:40 | #7 | |
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If you run a company then call in administrators a few days before it's declared insolvent or bankrupt, you can get away with your ill gotten gains, risking a slap on the wrist as your only punishment, although you might be barred from ever holding the position of company director for the rest of your life. However, that does not stop you being a Senior Executive in any future similar ventures. Mind you, if like the Phoenix Four and the guys who bought BHS, you can find a way of fleecing the workforce and at same time walk away with £2,000,000 you may not care if you can't get another job. IMHO, that's morally wrong, I'm more concerned for the 10,000 plus workforce with uncertain futures rather than those who exploited them. Don't pay your TV licence and you could end up in prison, do what these guys did and you might get a telling off but you won't go to prison. |
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25th April 2016, 18:41 | #8 | |
I really should get out more.......
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I dont think anybody in 'power' gives a hoot. You work all your life plus more if your my generation and younger (my retirement age is CURRENTLY 68 at the moment) and what do you get for it? as you yourself know. Send those 'buyers' (thieves) to jail and give that disgracful 'bonus' (stolen money) amoungst the unfortunate employees! This country has gone to the dogs and then some
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25th April 2016, 18:50 | #9 | |
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Pension providers must know what the monthly income for a company scheme should be and should sound alarm bells when the first payment is missed, that way we the tax payers would not have to underwrite failures to pay in by employers. You'd think that after the way Robert Maxwell defrauded the Mirror group pension scheme Government would have made sure it could never happen again. |
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25th April 2016, 19:07 | #10 |
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yer and he's offered to refund just 40 mill out of the 200 mill he took what a big man he is oh he was also turned down and told to pay more the flickin con man the rich just get richer
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