crockers
MB Enthusiast
- Joined
- Mar 30, 2007
- Messages
- 7,097
- Location
- North Wilts
- Car
- XC60 MY2014 SeLux Nav plus lot and lots of toys...
I think the fundamental difference is Maxwell "borrowed" actual pension fund cash.
SPG appears to have drawn dividends from the company as a director which on the face of it (and with the benefit of hindsight) could have covered a reducing pension pot.
Since the Maxwell events Pension pots are very heavily governed and I get the feeling that due to historically low interest rates the current BHS fund is unable to keep up with the future pension requirements. It doesn't look like it's been "plundered" though.
So on the face of it it doesn't appear anything illegal has been undertaken, but there are certainly some moral and ethical questions.
Does anyone have a better insight than this?
Oh then nothing to do with Govts allowing pension funds contribution holidays in the good times and allowing them to wind up in the bad times.
Makes Green selling BHS for £1 quite a bargain for him.