British steel pension fund.

[Tashyboy]

The government are now looking at doing some sort of deal to the pension scheme to aid with selling off the company.
Now having worked in a former Nationalised company which also went bust with massive debts to its pension scheme am I missing something.
My pension scheme ended up going into the Pension protection fund PPF, which cost me 10% of the fund but it was not all doom and gloom, (that's another story). The thing is what narked me was that before UK Coal went bust it split all of its property/assets from mining and started a seperate company called Harworth estates. Would love to know how much it is now worth? If you want to ruin my evening let me know.
The thing is that the debts are passed onto the taxpayer.
Mining, steel, BHS, and many others company's are going bust with massive pension deficits being passed onto us yet the people that have caused these companies to go bust escape without any consequences, and in some instances with bulging pockets.
The government is quite rightly nervous about the whole proves as it does not want to be seeing as setting a precedent. I think it already has set a precedent.
Am I missing something here.

 

[Lord Tyrion]

I'm with you. It escapes me how this money has not been ring fenced. Surely pension money should be untouchable, maybe I am naive. What does come across is that a person or company seems able to empty a company of money, run down its pension and walk away with no consequences. Why should they worry, clearly no conscience or morals, as the tax payer will sort it out. This should not be allowed to happen.

 

[Rooter]

Would love to know how much it is now worth? If you want to ruin my evening let me know.

https://companycheck.co.uk/company/07532134/HARWORTH-ESTATES-INVESTMENTS-LIMITED/summary

1.4mil in the bank, net worth 26.6mil, assets of 25mil with 150mil of liability. (2014 numbers)

 

[MegaSteve]

A company I worked for many many moons ago, on going bust, it became apparent there had been naughty goings on with the pension fund... Those already taking their pension were unaffected but those who started taking their pension after the 'liquidation' were knocked by 20%... So, those only 'losing' 10%, in the scheme of things, haven't done too badly...

Don't think government has learnt much from the days of Maxwell and his pension plundering...

 

[hovis]

Makes me feel sick to hear of people's pensions being attacked. I bet the politicians pension is safe and sound. Scum bags!!!!

 

[Tashyboy]

After 30 odd years of mining it was a bit upsetting (said through gritted teeth) to hear of ones pension fund going into the PPF fund. The people who were responsible for the company going into liquidation were the same people who started up the same company under a differant name the day after, thus sending the best part of half a billion pounds of pension black hole the taxpayers way. Loads of companies lost millions yet were expected to still deal with the new uk coal UKCoal.
But this is the best bit. The new companies ran on for another 2-3 years and went bust a second time to pass on even more pension debt to the taxpayer.
I remember the Chief exec at one time came to our pit, a guy called John Lloyd. He had the company revalued because at that time no one realised how much the land was worth. Before reevaluation £300 million, after £850 million. He came into our canteen bragging away. I asked him one question. "You have said we are now worth £850 million, yet my pension has a defect of £120 million, why do you not sell off some land to make up the deficit". He coughed and spluttered and said "we are looking into it". 5 years later the land was moved into Harworth estates and UK coal went bust. I do not know how people like him and Johnson Cox sleep at night.

 

[SocketRocket]

After 30 odd years of mining it was a bit upsetting (said through gritted teeth) to hear of ones pension fund going into the PPF fund. The people who were responsible for the company going into liquidation were the same people who started up the same company under a differant name the day after, thus sending the best part of half a billion pounds of pension black hole the taxpayers way. Loads of companies lost millions yet were expected to still deal with the new uk coal UKCoal.
But this is the best bit. The new companies ran on for another 2-3 years and went bust a second time to pass on even more pension debt to the taxpayer.
I remember the Chief exec at one time came to our pit, a guy called John Lloyd. He had the company revalued because at that time no one realised how much the land was worth. Before reevaluation £300 million, after £850 million. He came into our canteen bragging away. I asked him one question. "You have said we are now worth £850 million, yet my pension has a defect of £120 million, why do you not sell off some land to make up the deficit". He coughed and spluttered and said "we are looking into it". 5 years later the land was moved into Harworth estates and UK coal went bust. I do not know how people like him and Johnson Cox sleep at night.

I worked for British Aerospace for a period and they had a final earnings related pensions fund. When they developed a large pensions black hole they did sell off some of their land to bridge the pensions gap.

 

[Tashyboy]

I worked for British Aerospace for a period and they had a final earnings related pensions fund. When they developed a large pensions black hole they did sell off some of their land to bridge the pensions gap.

Socket, I do not understand where governments come from when it comes to pensions, we are encouraged to pay into pensions which I understand. Companies go bust owing hundreds of millions in pension black holes without any kind of prosecution. If companies owed the same amount to the tax man there would be prosecutions.
mind you successive governments have robbed my pension of billions.

 

[Crazyface]

Pensions are just one big con, and now we have to pay in to one run by the government. Peoples Pension my lazy bum. We already had one of those in place.