Carillion sells contracts.

[Paddy O'Dors]

Never thought of that like. Got a feeling the government might honour the pensions. If that's possible?

Most people don't. And I very much doubt they will. If it was a state owned company they were trying to sell off like Royal Mail then they would have some sort of obligation, but from history I don't think they will be bailing out a private company.

 

[Pop]

Most people don't. And I very much doubt they will. If it was a state owned company they were trying to sell off like Royal Mail then they would have some sort of obligation, but from history I don't think they will be bailing out a private company.

If it is a defined benefit scheme they are more often than not covered by the pension protection fund but only to 90% if you haven’t retired yet, 100% if you have retired.

If they are defined contribution scheme members (which I imagine most will be) a company going bust doesn’t effect your pension as yours and the company contributions are held separately with an insurance company in a fund in your own name.

 

[raindog]

If our Mining/Coalfields, Steel, and Shipbuilding were not worth saving then neither is this shambolic outfit of a company. Let it be a lesson as to why Privatisation of our Public Services has been epic failure

 

[Paddy O'Dors]

If it is a defined benefit scheme they are more often than not covered by the pension protection fund but only to 90% if you haven’t retired yet, 100% if you have retired.

If they are defined contribution scheme members (which I imagine most will be) a company going bust doesn’t effect your pension as yours and the company contributions are held separately with an insurance company in a fund in your own name.

So does that mean the £600m pension shortfall that's being reported is a bit of a smokescreen? How will that effect people? Why did a £600m deficit on the BHS scheme endanger the pensions of 19,000 employed by them? I'm not being confrontational, just curious as to why it's being reported as a big thing if it isn't.

 

[moshpit]

Its obvious to anyone who drives past Vaux regularly that proceedings had ground to a halt some time ago.

 

[Paddy O'Dors]

Its obvious to anyone who drives past Vaux regularly that proceedings had ground to a halt some time ago.

WWE finished?

 

[Pop]

So does that mean the £600m pension shortfall that's being reported is a bit of a smokescreen? How will that effect people? Why did a £600m deficit on the BHS scheme endanger the pensions of 19,000 employed by them? I'm not being confrontational, just curious as to why it's being reported as a big thing if it isn't.

The DB pension members will go into the pension protection fund as I said earlier. Anyone who hasn’t retired gets 90% of promised benefit and pensioners get 100%.

The cost of that is met by the assets of all pension schemes from companies that have gone bust, annual levies paid by all DB pension schemes that haven’t gone bust and the tax payer.

The pensions regulator will ask for some sort of additional payment as they are now with BHS/Philip Green.

 

[Paddy O'Dors]

The DB pension members will go into the pension protection fund as I said earlier. Anyone who hasn’t retired gets 90% of promised benefit and pensioners get 100%.

The cost of that is met by the assets of all pension schemes from companies that have gone bust, annual levies paid by all DB pension schemes that haven’t gone bust and the tax payer.

The pensions regulator will ask for some sort of additional payment as they are now with BHS/Philip Green.

Probably not gonna be as easy to chase it up from the many millions of Carillion shareholders though as it was from the very few shareholders of Arcadia/BHS I'm guessing.

 

[Le Chuck]

Its obvious to anyone who drives past Vaux regularly that proceedings had ground to a halt some time ago.

Funny cos i walked past there on friday & there was plenty of activity.

Think you're telling lies yet again

 

[Pop]

Probably not gonna be as easy to chase it up from the many millions of Carillion shareholders though as it was from the very few shareholders of Arcadia/BHS I'm guessing.

I’ve no idea on that front.

Most pension schemes are in deficit and it has caused loads of companies to go belly up. Told loads that on here when they are complaining about public sector pensions being made more affordable but they never listen.

The cost of keeping a scheme running is eye watering and that is even before you’ve paid any pensions. Actuaries, administrators, investment advisors, trustees, auditors, lawyers etc. They don’t work for free.

 

[Frijj]

If our Mining/Coalfields, Steel, and Shipbuilding were not worth saving then neither is this shambolic outfit of a company. Let it be a lesson as to why Privatisation of our Public Services has been epic failure

No chance. The Tories can’t let them fail. Their chums would stand to lose money.

 

[Paddy O'Dors]

I’ve no idea on that front.

Most pension schemes are in deficit and it has caused loads of companies to go belly up. Told loads that on here when they are complaining about public sector pensions being made more affordable but they never listen.

The cost of keeping a scheme running is eye watering and that is even before you’ve paid any pensions. Actuaries, administrators, investment advisors, trustees, auditors, lawyers etc. They don’t work for free.

Wouldn't expect them too either, but if my pension is with a company like Aviva I'd expect them to employ a lot of those themselves (I know some, such as auditors have to remain independent). And seeing as Aviva run pensions on behalf of many different schemes then these costs would be watered down amongst the various schemes.

 

[raindog]

No chance. The Tories can’t let them fail. Their chums would stand to lose money.

It'd be a bit ironic if they were to bail them out, with cost of it handed to the tax payer.

You can't cry socialism when Labour want to pump more money into those living on the breadline in poverty and then help out former billion ££££ companies when they become poor or can you?

 

[KeefBeer]

Funny cos i walked past there on friday & there was plenty of activity.

Think you're telling lies yet again

I come past four times a day and yes work still continues but not at a rate you would expect.
Second fixing should be in hand on the weather proofed floors.
It's not a hive of activity.

 

[Paddy O'Dors]

It'd be a bit ironic if they were to bail them out, with cost of it handed to the tax payer.

You can't cry socialism when Labour want to pump more money into those living on the breadline in poverty and then help out former billion ££££ companies when they become poor or can you?

It'll be a bit more ironic when it's dressed up as the banks saving the company, but only after the government have agreed to underwrite/guarantee any losses to some of the same banks that they themselves bailed out 10 years ago.

 

[lurker]

if carillion aren’t saved.

Theresa May letting this happen.

Well done everyone who voted for this caring, passionate woman.

If it had been a bank she’d be down there now making sure all her mates were taken care of.

 

[Paddy O'Dors]

If only someone had started a thread on this earlier...

 

[TheWanderer]

Its obvious to anyone who drives past Vaux regularly that proceedings had ground to a halt some time ago.

Seems to be progressing canny to me

 

[heroesof73]

if carillion aren’t saved.

Theresa May letting this happen.

Well done everyone who voted for this caring, passionate woman.

If it had been a bank she’d be down there now making sure all her mates were taken care of.

if the gaffers, who caused this shitstorm ,got shares packages as part of their big bonuses need to find a way to save the jobs but not the shareholders

 

[Paddy O'Dors]

if the gaffers, who caused this shitstorm ,got shares packages as part of their big bonuses need to find a way to save the jobs but not the shareholders

That may make some sense if I'd just eaten a mouthful of magic mushrooms or summat. But I haven't.