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Old 26th April 2016, 15:16   #21
Leyland Worldmaster
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Originally Posted by Tim_Burgess View Post
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.
Blatant short termism is the cause... I'm alright Jack... I worked for a company that was run into the ground like that- anyone remember Sketchleys?

I worked for about 6 months with no pay...

Employees didn't matter and it was abundantly clear!

It sickens me to see images of Green and his luxury boats knowing the blood sweat and tears of us- the little people- working hard keeping it all going.

Vile.
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Old 26th April 2016, 19:59   #22
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The pension liability does have a great deal to do with the viability of the Company. If there is a hole in the pension funding then whilst trading, the company has to attempt to fill it. It can only do this from profit.

If the pension hole takes too much profit then the shareholders don't like it and sell so the capitalisation falls.

But if the company files for bankruptcy then the UK rules as I understand them means that the Pension scheme gets rescued via the Pension Protection Fund

http://www.pensionprotectionfund.org...is_the_ppf.pdf

This is funded by the same Financial Services industry that everyone loves to hate but is nothing to do with Bankers (Note - the correct collective term for a group of Bankers is a "Wunch")

This fund is maintained by:-
  • An annual Pension Protection Levy paid by eligible pension schemes
  • Recoveries of money, and other assets, from insolvent employers of schemes that the fund takes on.
  • Taking on the assets of schemes that transfer to the Fund
  • Returns on our own investments.

For a scheme that is still in existence i.e. the Campany is still trading - It is not possible to simply change the percentage of Final Salary pension benefit as has been indicated - The Pensions Regulator simply would not allow the Trustees to sanction such a fundamental change to someones employment conditions.

Look at the negotiations and strikes by Teachers and Civil Servants over the last few years when they wanted to ring fence the old VERY generous FS scheme and then run a new less generous Average Salary scheme from that point on.

And as I say there is no chance that the Public sector schemes could ever go into deficit because there is no fund - so it cannot be in surplus - nor can it be in deficit.

But a pension "Black Hole" can bring a company down - and for some employees - the company going bust can actually mean their pensions become more protected than before since the Pension Protection Fund was set up.
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Old 26th April 2016, 20:02   #23
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Moved to "Social" where you can jibber jabber amongst yourselves
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Old 26th April 2016, 20:09   #24
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Moved to "Social" where you can jibber jabber amongst yourselves
Well that told us!
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Old 26th April 2016, 20:39   #25
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Moved to "Social" where you can jibber jabber amongst yourselves
As OP I'm happy for this post to be moved to whichever sector a Mod thinks is more appropriate however, I'm not so happy that those who have contributed, whatever their opinion, have had their opinions described as jibber jabber.
No offence Suzublu but IMHO all contributors have made valid points and as such, their opinions do not deserve to considered as jibber jabber.
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Old 27th April 2016, 07:25   #26
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As OP I'm happy for this post to be moved to whichever sector a Mod thinks is more appropriate however, I'm not so happy that those who have contributed, whatever their opinion, have had their opinions described as jibber jabber.
No offence Suzublu but IMHO all contributors have made valid points and as such, their opinions do not deserve to considered as jibber jabber.
Totally agree.
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Old 27th April 2016, 08:13   #27
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(Note - the correct collective term for a group of Bankers is a "Wunch")

I reckon the correct term is a different word to Wunch but still begins with a W?
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Old 27th April 2016, 08:17   #28
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(Note - the correct collective term for a group of Bankers is a "Wunch")

I reckon the correct term is a different word to Wunch but still begins with a W?
Wunch of Bankers ~ Bunch of -------
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Old 27th April 2016, 19:30   #29
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(Note - the correct collective term for a group of Bankers is a "Wunch")

I reckon the correct term is a different word to Wunch but still begins with a W?
Yes it is wan... crikey is that the time already?
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Old 28th April 2016, 17:25   #30
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Perhaps someone can explain to me why holes in the pension scheme funds appear ?

There are many assumptions that can be made about this:

> The company doesn't pay in to start with either what it deducts from employees and/or its own contribution

> They do pay in but are able to raid the fund without too many questions being asked if the company gets into financial difficulties

> An investment made with he funds goes bad


Surely it's about time some governance was put in place for all companies with pension schemes to have regular checks on funds to make sure all is ok and above board, after all it's not their money to do as they want with , what do you reckon would happen if they had to ask everyone in th scheme if they could borrow the money ?


Companies also deduct Tax/Nic under PAYE every month from their employees and have to pay it over within 2 weeks of the tax month end and if they don't HMRC is after them so how on earth do pension schemes get fleeced and it only comes to light in a crisis

As for Mr Green, more prudent tax planning with money going to his wife, living in Monaco, but also ex advisor to the present government and knighted for his services, is it any wonder a lot of people are cynical about our governments and the people with the real power and influence who appear to rule the roost
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