Newsletter No. 3
HALCROW PENSIONERS ASSOCIATION
Newsletter No 3 : January 2013
Contents (click on the blue headings for more details)
Please Spread the Word
We requested the chairman of the HPS trustees if HPS would alert all HPS members to HPA's existence in one of its communications to members. This request was referred to the trustees who declined our request. We are therefore relying on personal networks to spread the news of our existence. We request all the recipients of this newsletter to spread the word by forwarding this email to anyone else whom you think may be a member (pensioner, deferred or contributing) of the Halcrow Pension Scheme. It is better that they receive multiple copies of this email than remain unaware of the HPA.We would also request people to update their details in our newsletter database (particularly those people for which we only have a Halcrow email address which are now being phased out).
The long-term sustainability of the Halcrow Pension Scheme is dependent on the financial health of Halcrow. The HPA regularly monitors the Companies House (CoHo) website for postings about Halcrow, and we have found two items that give rise for concern:
- The first was the absence of the filing of the Halcrow accounts for 2011, which were due on 30th September 2012 and which should throw light on Halcrow’s financial position at the time of the takeover. These accounts for Halcrow Group and Halcrow Holdings were still awaited at the end of January 2013 although the accounts for some Halcrow subsidiaries have been filed.
- The second was the filing of a mortgage charge on 20th December 2012 which assigned all of the assets of Halcrow to CH2M Hill (CH2).
Click on the heading above for more analysis of what this situation might mean. We await further developments with interest. We remain concerned that the sale of Halcrow to CH2M Hill failed to incorporate any explicit measures to address the funding deficit for the Halcrow Pension Scheme.
The HPS Trustees are keeping HPS members informed through Member Communications. Key points from the recent communications are:
- Firstly, negotiations over funding of the HPS by CH2M Hill are not moving forward as quickly as expected. We must conclude from this that the 2011 Valuation Report will not appear for some time, despite hopes expressed by the Trustees at the time of the takeover for early publication.
- Secondly, the Trustees have added a forensic accounting capability to their advisory team.
- Thirdly, Beverley Wright, who was appointed as a Trustee by CH2M Hill in February 2012 and welcomed with a seven paragraph accolade by the board, was removed by them in November. No reason for this is given.
- Fourthly, the HPS is setting up its own payroll system. CH2M Hill is putting staff onto their US based Oracle system but not pensioners “to ensure they do not infringe data privacy regulations for pensioners”.
Click on the heading above an assessment of what these announcements could mean.
Should CH2M Hill withdraw financial support from Halcrow then the company could go into Administration. HPA has investigated the possible impact on HPS members should the Scheme be transferred to the Pension Protection Fund. In essence, everyone will be adversely affected but the impact on individuals depends on the proportion of their pensionable service prior to 6th April 1997. Click on the heading to read the details and find out how it could affect you.
Recovering Tax on the Halcrow Trust Distribution
Recipients of distributions from the Halcrow Trust found that the money they received was somewhat less than the nominal value of their share of the distribution. Click on the heading to find out how it may be possible to claim some of this back through the annual tax return.
The 2013 HPA Annual General Meeting
HPA has been functioning for a year and, in accordance with HPA's constitution, an Annual General Meeting should take place. It is proposed that a virtual meeting will be held in April 2013 using a sub-forum of the HPA forum to which only paid-up members of HPA will be given access. This is your opportunity to contribute to the operation of HPA. Click on the heading for more details.
The "Gardening Club" is an informal group of mainly ex-Halcrow employees who meet twice per year in the Swindon area for a walk and a pub lunch. This is an opportunity to meet up with old friends and burn off some calories before putting it on again at lunch time. Click on the heading for more details and a few photos from our last walk. The next event is pencilled in for 9th April. Email the HPA webmaster if you would like to be added to the Gardening Club circulation list.
As individuals we have limited voice, but collectively we stand a better chance of being heard and influencing future changes. In addition to forming a platform for talking to past colleagues, HPA provides, for the first time, a collective body to represent member's interests to the trustees. We need members, both to be able to demonstrate the numbers of people concerned about the welfare of the Halcrow Pension Scheme and also to raise a fund to meet legal or other costs. As a minimum please make sure you are on our mailing list but paying a membership subscription will be even better (the treasurer considers that subscriptions are for a year starting from the date of payment). We also have a forum where HPS members can discuss common issues (and the webmaster is feeling lonely!).
A Final Reminder
Finally, a reminder to ensure that your Halcrow friends who may be members of HPS are aware of HPA and to update your details in our email database.
Thank you from the HPA committee.