What the HPA is doing (August 2016 update)

[John Ratsey]

The HPA committee has prepared this statement in response to members' enquiries about what is happening.

HPA Objectives

The deal now being offered to HPS members was negotiated in secret by the Trustees with CH2M Group, the PPF and tPR, and was described by tPR in a letter to the HPA as equitable. It results in a reduction in benefits to each and every HPS member, but was arrived at without their participation or consultation. The HPA believes that by examining more closely the proposed deal and the premises on which it is based, we can either achieve a better outcome, or be convinced that this is the best available. The HPA is taking a two-pronged approach:

(1)    To reiterate our offer to the Trustees to either:
         (a)    engage in consultations on the basis of access to up-to-date information about the finances of the HPS and a review of the professional advice taken and lines of enquiry that may or may not have been pursued.
         (b)    get the blessing of an open court or by arbitration of the proposed scheme, as was done in 2015 in secret court.   

(2)    To raise awareness in every available forum about what it being proposed to mobilize support for our demands that members be properly consulted before being asked to choose, as the outcome for HPS could affect 11 million people in Defined Benefit schemes.

Our preference is for the first approach, but to date this has been refused. We would consider suspending the second approach if the first were taken seriously. For approach 1(b), we would ask for our legal costs to be met by other parties. We are seeking pledges of funds from members to make the various approaches viable, but would only call on them if needed (returning unspent funds is difficult).

In parallel, we will shortly be sharing with members our considered views on the ultimatum Option A (transfer to HPS2), B (reply saying you understand you will be transferred to the PPF), C (not replying) and D (reply saying you reject the choice), as all these have different implications.

[Jane Tordoff]

This letter was sent to the Trustee on 12 August.

[Stephen Brichieri-Colombi]

The HPA has identified an alternative way of raising a legal challenge to the RAA and is in discussion with advisors on how and whether to pursue it in court. We will keep members informed as soon as we have something concrete to report.

[Stephen Brichieri-Colombi]

Update on Legal Action and request for pledges

We have been in discussions about getting a judicial review of the RAA process with another solicitor, Ivan Walker, who Martin Jenkins knows and has endorsed as an expert in this area. He has advised that the prospects are good. We have supplied him with volumes of documents from 2008 onwards, most of which he has already digested.

After some difficulties with holidays, he has found a very good barrister and we will meet with him on Tuesday morning to get his opinion on prospects and costs. We have to submit the application by next Friday (26 August) so time is tight. Ivan has already prepared an outline brief for the barrister, which we have reviewed.

We will have a better idea of both firm costs and at-risk costs following the meeting on Tuesday, but at present we estimate that existing pledges will cover costs of the preparation and initial meeting. At the conclusion of the meeting we will have to take a decision on whether to proceed based on prospects, costs and risks.

Win or lose we will require further funds of the order of £20,000 from our members, set against lifetime loss of pension running into many thousands, if not tens of thousands, for the average member. Several members of the committee have already pledged £500, and other more than this. We sincerely hope that other members of the HPA feel they can up their pledges to that at the meeting we can give the immediate go ahead if the advice we receive is, in our judgement, positive.

The potential gain for HPS members, whichever option they have selected, is in excess of $100 million against this modest investment in our collective future. We hope as many members as possible will consider the investment worthwhile. Please let Malcolm Bennett know asap how much you are ready to pledge"

[Tim SMITH]

Stephen, thank you for all your efforts and those of your colleagues on the committee. I have sent my increased pledge to Malcolm B (with a request to be informed if the amount is not enough to meet the target).

[TerryHoggart]

Yes I would like to reiterate my thanks to all the HPA committee for their hard work and perseverance in their pursuit of a just outcome for all of us.  I too have pledged a higher amount to the HPA treasurer today via email.

[Jerry Neville]

". . .we will meet with him on Tuesday morning to get his opinion on prospects and costs" (Stephen's post on 20th)

Re your meeting with barrister on Tuesday 23rd August: is there any initial feedback that might advise us either way?  (appreciating that you are doubtless busy in actioning if actioning is the outcome).  Again heartfelt thanks for all your efforts

[Mort Deas]

I today received the following email copy of a letter which will take forever to reach me.
Good timing on their part. It highlights the need for some form of legal restaining order being imposed in the implementaion of Option A.

Dear Member

We wrote to you previously to explain that you have an important decision to make about the future of your Halcrow Pension Scheme benefits. You can transfer your benefits to a new pension scheme that will provide better benefits than the Pension Protection Fund or you can move to the Pension Protection Fund and receive compensation under that scheme.

According to our records as at 24 August, we do not appear to have received your completed Option form.  Only those members who choose to move to the new pension scheme will get the better benefits.

If you think you have already completed and returned your Option form
Please contact the UK Pensions Team as soon as possible so we can check our records. The number to call is: 01793 816549.

If you have not yet completed and returned your Option form
We must receive your option form by Wednesday 31 August 2016.  A further copy of the Option form, attached to this letter, in case you have lost the original.  If you have questions before you complete your Option form, please visit http://www.halcrow.com/pensions and log in with your username and password. This site has links to all the information that has been made available to members about the transfer to the new scheme.

If you do nothing
When the new pension scheme starts, the Halcrow Pension Scheme will go into a Pension Protection Fund "assessment period".  Your benefits will then be adjusted to the level provided by the Pension Protection Fund.

Remember, the new pension scheme offers better benefits than the Pension Protection Fund.

Regards,

UK Pensions Team

[Stephen Brichieri-Colombi]

Sorry to keep you all in suspense. After the meeting, we thought we were out of legal options until a rearguard action could be fought,  but a flurry of activity in the last 20 hours looks encouraging. I really cannot say more but hope to add something within a few hours. For the moment, we suggest you keep your powder dry and hold off a reply on options until the situation is clarified.

[Stephen Brichieri-Colombi]

For latest action, Please see newsletter 23 available under Options

[finneyb]

Newsletter 23 http://www.halcrowpensioners.org.uk/forum/index.php?topic=183.msg1165#msg1165

[Ken Falls]

Members need to be aware that the forum and newsletters are being monitored daily by the HPS lawyers. This means the HPA Committee have told me that they need to be very careful about what they say and hence you may feel they are not keeping you fully informed. If you are in need of specific direct information or wish to pass ideas then I suggest the option that I use - contact the webmaster by email rather than via a posting.