Building Magazine

[Stephen Brichieri-Colombi]

Building Magazine has run another article on Halcrow recently, on the accounts for 2011. Thr are now following up on pension issues and posed this exchange with Jaqueline Hinman (nee Rast)

What has CH2M Hill now done with the pensions scheme to solve the deficit issue?

Prior to the acquisition, CH2M HILL was fully aware of the Halcrow Pension Scheme deficit. This is not unique to the Halcrow Pension Scheme, but is a common issue faced by thousands of UK pension schemes. During the acquisition process and since, CH2M HILL has maintained an open dialogue with the Halcrow Pension Scheme Trustees.

All decisions regarding the division and allocation of the sale proceeds from the acquisition were made by the Halcrow Board and the Halcrow Trust prior to acquisition closing and CH2M HILL had no opportunity to direct the allocation of the sale proceeds.

CH2M HILL has stood behind the agreed recovery plan and the schedule of contributions to address the Halcrow Pension Scheme deficit. Since the acquisition the previously agreed payment schedule has been honored every month including the planned uplift in contributions in 2012 and 2013.

This is the first confirmation about payments in the HPA last year. Encouraging, although it does not say how much was paid in.

[John Ratsey]

There is more about this at http://www.building.co.uk/news/breaking-news/ch2m-hill-boss-says-halcrow-was-a-%E2%80%98good-buy%E2%80%99/5053337.article. Click on the attachment to read the content.

John