HPS - The Offer from Halcrow 31st May 2016

[PhilipAlexander]

Given that it's less than 4 weeks before the pensions team need to receive choices forms back at BP by 5 August, some of us will have to be posting  forms quite soon now that overseas post has become ridiculously slow.
Therefore can I ask HPA to give everyone a summary of where we are with regard to discussions with the PR and PPF and whether any legal action is to be pursued. At the moment it's impossible to work out what's happening since it appears to be just a load of waffle.  So give us all a clear picture of what you're doing please and then maybe we can decide whether to wait for legal action or just to go ahead with a choice and stick with it. What I don't want to do is to hold off thinking that HPA is going to suddenly save the day through legal means only to be left in the lurch by your goodselves as well as by CH2M.

[chrishoggart]

Yes, I agree with Philip. Time is ticking on and we need to know what best to do and when. At the very least, it would be good to get an idea of the likely timetable for any action that may be taken.

[Jon Jacobson]

I have just sent a question to the pensions team.

"The letter from the Pensions Regulator dated 24 June 2016 refers to, in item 38, the new scheme having an equity stake in HGL. This is stated as minimum 25% and maximum 45%. Item 39 goes on to explain this as 'ensuring that members and the PPF share in any upside from the continued operation of the HGL business'. The material that you have sent out is silent on this point. Please clarify and explain."

Anyone here understand it? Why is all the other material silent on this?
Even if it's correct a 45% stake seems ludicrous. CH2 Group / management will have no incentive to run the business ... it will be a continuation of the current position where the business is just there to serve a pension fund. Why would CH2 agree to this? And how does the new scheme exercise due diligence on its equity stake. If HGL starts paying large sums back to CH2 as "fees" they can easily bleed HGL so that the fund gets nothing.

And yet the Pensions Regulator thinks it's worth something.

[Emma]

I was informed HPS rules and the new scheme rules are being made available at Halcrow.com/pensions and just checked and they have been uploaded. 

Also, for those abroad and trying to work out how to respond when there is still further information to be supplied I was told they are happy to receive a scanned copy of the option form which they will hold as a record of my intent. Thereafter they need hardcopy and they would liaise with me should this not be received before the deadline.  Please check yourself though, to be sure this does apply to all and wasn't just a one off concession. 

[Stephen Brichieri-Colombi]

The HPA today launched legal proceedings. Details will be released on Tuesday.