Wednesday, 15 June 2016

Pensions in crisis


I was asked by f mentioning Ordsall Arts Group to look into BHS: They are the major funder for artists in Ordsall Salford.
I found Sir Philip Green had sold a financially unsound business to a former bankrupt for 1 UK pounds. The business was moderatly sound – Sir Philip just wanted to retire.
BNH like most UK companies had raided the pension fund. Befreo Gordon Brown raised the pensions 1997 they had the funds to cope with this.
Now doig my investigative reporter stuff, I found there is a 800 billion pensions black hole: don't panic – I used the Intenet, so the number will be wrong.

Every company in the UK may now be faced with return of the funds they 'borrowed'. Problem, they can't afford it. Expect insolvencies. Just as we go limited company status. We do not have any pension liability.

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