Chase up Letters

[michael tordoff]

Presumably those of you who have not yet accepted the (distinctly ungenerous) Offer have just received another chase up letter reminding you to return the form “as soon as possible”.

Call me cynical, but I suspect the reason for this letter is not so much concern for our well being as much as the need to have a minimum level of acceptance for the RAA procedure to be valid.  I personally do not know if this is true and if it is what level of acceptance is required, but that is part of the problem of such a secretive procedure.

Personally I intend to reply with a reminder to HPS/CH2M that they are repeatedly telling us what to do, but are steadfastly refusing to provide any form of concrete evidence to demonstrate that they have full legal and moral rights to do this.  I suggest that as many as possible of you should write to HPS telling them that you require that they provide all the information requested by HPA and stand up before HPA advisors and convince them that the Offer is fair and reasonable.  Without that you are not willing to sign away your rights.

[Tim SMITH]

New Confusion

Having not yet accepted CH's kind offer, I have received a chase-up letter (the second, I think), dated 16 August 2016.

I was much surprised to see that it stated that if I do not return the option form, I "will stay in the current scheme (HPS) and your benefits will be adjusted, as required, to the level provided by the Pension Protection Fund". That may be progress, if I now have the option to remain in the Halcrow Pension Scheme.

However, the form says something different: "If you do nothing and do not return this Option Form you will move to the Pension Protection Fund, and your future pension benefits will be provided by it." This is what CH was saying previously.

I have asked the pensions team to tell me which statement is correct (i.e. if I do nothing, will I stay in the current scheme (HPS) or not?).

[Mort Deas]

I have not received a chase-up letter or should I say, the e-mail which is normally sent at the same time as the letter is posted. Here in the Philippines I am three weeks away from receiving the letter if one was posted. Is it possible that they are being selective and not sending to all?
I too am confused. Based on the statement made by HPS to Tim, above, what are the advantages/consequences of not returning the option form, staying in HPS and having ones pension benefits adjusted to PPF levels? Is staying in HPS merely and alternative route to the PPF?

[Jane Tordoff]

I attach a copy of the recent letter from HPS chasing members for their forms.  Hope this helps those overseas who have not received one.

[John Ratsey]

Are those who received this latest letter people who have not previously submitted a response rather than those who submitted a response which was rejected due to not being in the form which the Trustee wanted?

There is nothing on the HPS website to indicate they have sent out a recent communication.

[Richard Handy]

I had submitted my form but subsequently withdrew it and have not received the follow up letter.
I have received email comfirmation that my withdrawn form has been destroyed.
Richard

[Tim SMITH]

New Confusion - Pension Team's Answer

I have today received an answer from the pensions team to my question (ref Reply #1 above), as follows:

"Both sentences are correct.

"Any member who does not consent to transfer to the new pension scheme will remain in the HPS which, very shortly after the transfer of the other members to the new pension scheme, will (by operation of law) commence a PPF assessment period. Benefits will be adjusted, as required, to the level provided by the Pension Protection Fund. Future pension benefits, which will then be classed as compensation, provided by the PPF."

[Ken Falls]

Tim

Confusing yes and again in my opinion deliberate.
 You have read my post re the Options. It will only happen "by operation of the law" if the HPS funds are moved to the shell company which if insolvent is by law taken on by the PPF.
The question remains that if you have not consented to Option B is it legal for them to move your funds without your consent to the shell company?
Legally I do not know but also we do not know what the RAA says.

I agree it would be good to get a legal opinion.