Latest Press Reports

[finneyb]

Tim,

One common theme - non UK parent company. Kodak and Halcrow - US; TATA Indian.   These foreigners need to be taken to task.

Brian

[Ken Falls]

In this case, if it commences and they intend Tata to continue trading, there will be a union with considerable resources to overcome so it will be interesting to see how the trustees and tPR cope.

[Jane Tordoff]

Interesting article.

[Tim SMITH]

Frank Field condemns plan to 'dump' Bernard Matthews pension scheme

“The new employer must not be allowed to get away with dumping the Bernard Matthews pension scheme into which workers have paid,” Field told Sky News.

“The Pensions Regulator needs to act robustly and quickly to stop such activities being mimicked by other asset buyers who wish to dump pension liabilities.

“We cannot have firms changing ownership at the price of pensions being dumped with the Pension Protection Fund – such dumping involves promises being broken, and the cuts in benefit that result.”

Sound familiar?

https://www.theguardian.com/money/2016/sep/19/frank-field-condemns-plan-to-dump-bernard-matthews-pension-scheme

http://www.thisismoney.co.uk/money/markets/article-3797289/Now-Frank-Field-MP-calls-pensions-probe-Bernard-Matthews.html

http://www.telegraph.co.uk/business/2016/09/17/chicken-king-to-buy-bernard-matthews-turkey-empire/

https://www.mw-w.com/smaller-suppliers-could-bear-brunt-of-bernard-matthews-deal

[Tim SMITH]

Bernard Matthews turkey firm confirms it has found a way to wangle out of its pensions obligations

http://www.telegraph.co.uk/business/2016/09/20/turkey-giant-bernard-matthews-to-be-rescued-by-the-chicken-king/

[Jane Tordoff]

Press reports as a result of the Work and Pension Select Committee enquiry into pensions.

http://www.telegraph.co.uk/pensions-retirement/news/robbing-workers-of-future-pensions-wont-solve-companies-problems/

 http://www.telegraph.co.uk/business/2016/10/13/mps-given-veto-on-next-pensions-regulator/

[Clive Williams]

Radio 4 tonight File on Four 17:00 - about 20 minutes in  http://www.bbc.co.uk/programmes/b07x2zp8#play

[Tim SMITH]

PENSIONS OUTRAGE OVER TAX DEAL FOR HS2 FIRM

The Times reports today:

"An American engineering giant (CH2M Hill) with a key role on the new High Speed 2 rail route has quietly booked a £37m tax gain due to slashing the pensions of 3,300 British savers.

"CH2M, which is working on plans for the London to Birmingham stretch of the £56bn line, reaped the tax boost from a controversial deal last year with the pensions watchdog. This allowed it to cut benefits owed to workers in its Halcrow engineering subsidiary in Britain.

"Edward Evans, a former Halcrow engineer of 25 years, led a band of pensioners who unsuccessfully fought the pensions cut. Evans, 75, from Wiltshire, said the tax boost was 'another nasty surprise'.

“'The whole thing really stinks. Over the remaining years of our life, we are going to lose about 30% of our purchasing power.'"

See the full article:

http://www.thetimes.co.uk/article/tax-windfall-for-pension-raider-gq6w6dj07

[chrishoggart]

There is an industry rumour that CH2 and Atkins are in merger talks. See here: http://www.infrastructure-intelligence.com/article/jan-2017/ch2m-atkins-merger-mooted

[John Ratsey]

There is an industry rumour that CH2 and Atkins are in merger talks. See here: http://www.infrastructure-intelligence.com/article/jan-2017/ch2m-atkins-merger-mooted

This rumour has its own discussion.

[Tim SMITH]

Here is an article of 30th January 2016 from Professional Pensions, entitled Halcrow Pension Scheme - complex restructurings need to be well managed. Nothing new, just a lawyer's puff, really!

[Tim SMITH]

CH2M "TARGET OF JACOBS TAKEOVER"

It is reported in The Times of 20th July 2017 that CH2M is understood to be in advanced talks to be taken over by Jacobs. Reference is made to the Halcrow pension débâcle. (Apparently CH2M was "dragged into a row over pension liabilities"! I thought CH was responsible for the whole thing. Funny how the memory can play tricks.)

"CH2M ... has been dragged into a row over pension liabilities for UK professionals, dating from its 2011 entry into the British construction engineering mainstream via its £230 million acquisition of Halcrow."

[John Ratsey]

And another memory failing: I don't recall CH2M intentionally paying £230M for Halcrow although it might have cost that much including clearing debts.

This article contains a couple of links to other reports with more details of the possible Jacobs - CH2M acquisition.