So, is Vince out of a job?

They didn't make investments into their funds since the funds were
viewed (by third parties) to be over-funded.

And, now, those companies (still in business) have a liability to make
up the shortfall, or more to the point to make sure the pension funds
are in a position to pay out the final salary percentage accrued.

Show me the widespread 'moral' theft.

 

Why not?

 

I think so. It's also a personal pension that the company pay into,
rather than a company pension. Once the money is in the fund, there's
no way the company could get it back. If they ceased paying it, I'd
leave and hit them with constructive dismissal.

 

Oh, ISWYM. But once they've made that contractual agreement, they're
stuck with it unless they re-write my contract, and that opens up a
whole world of pain for both parties.

 

Now that I'll agree with, regardless of what their intentions were at
the time. It was a shitty thing to do. Was it any worse than Brown
taking 5 billion a year from the pension funds? Probably not.

 

Because I doubt very much that employees' contracts specified how much
the contributions would be, & companies don't generally make a habit
of mass breach of contract with their entire workforce.

 

Indeed. Yours is a pretty unusual situation, now that you've said they
pay into your own personal plan. Presumably it's either a very, very
small company, or you opted out of their group/occupational scheme.

 

I thought that was fairly common these days. I've worked for several
(100 to 500 person) companies that contribute into a personal pension.
Ranges from a 1x to a 3x match to the employees contributions.

 

Your own personal plan rather than a group scheme? If so, that
surprises me.

 

Ask Robert Maxwell.

 

And that was because of the increased life, the reduced fund yield
(because of brown's tax on dividends) and the change in funding
requirements making the pension funds a big liability on a company's
balance sheet.

 

My contract specified that I would make certain contributions and get a
certain return (1/50th of a years salary in my pension for every year
served). It said nothing about what the company contribution would be,
only that they had a liability to pay it.

It also had an 'affordability clause' that allowed the company to close
the pension scheme and freeze the benefits accrued (well frozen based on
my current salary with an annual updating).

There was nothing saying how much my employer would contribute.

 

I plan to leave something to my children so don't hope to die in debt.

 

<shaggy>
Wasn't me.
</s>

Don't be a twat, yourself.
Every fucker was in on it, if not as an active mover, then as a willing
victim.
Even the humble bank tellers, the ones I know for a fact got mortgages
for BTLs at favourable rates - so yes, I would shout at them, as they
were part of the problem, not the solution.
The worst cunts of all were the ones that KNEW it couldn't last yet
stoked the fires ever higher in the hope of making their pile and
getting out while the going was still good. [1]
Those cunts, come the revolution brother, will be the first for the
executioners' blocks.

Once again we saw Grimly's Observation (circa 1992) in action; the
greedy cunts always screw it up for everybody else.

[1] I could have done that (large amounts of money were being offered to
me at stupidly low rates), but I didn't and do you know why? I've got
some fucking integrity. Unlike some other arseholes, money for its own
sake isn't all that important to me.

 

Yup, own-you-can't-steal-it-back-from-me-plan. Current employer didn't
have anything but have now just set one up.

 

Look, it's a broad brush, just go with the flow. What I observed was
that some of the moneyfolk had the good grace to feel a bit embarrassed
when the shit fell out of the sky and stopped going on about the next
bit.

Concerns were raised again and again, but it was always brushed aside
with a 'we know what we're talking about and we're in Phinance, so just
run along, everything will be all right'.

Ok, take a free spectator pass for the first round of public
liquidations.

 

Heh. Head **** & no mistake.

 

Won't they be happy with just a pile of old BMWs?

 

Won't they be happy with just a pile of old BMWs?

 

Using the patented Mavis Beacon "Hunt&Peck" Technique, Krusty

One pile, maybe...