Glaxo Smith Kline CETV halved in 12 months

232607

Brynsam wrote: »

What's good for the pension is also good for the company, given they are the paymaster and on the hook for whatever it costs to fund the promised benefits. Members transferring out takes off a lot of financial pressure off the employer.

As you say, though, that's not the whole story. Shutting the DB scheme caused the problem in terms of inability to retain staff. However, your earlier suggestion that 'poor transfer values' would stem the problem doesn't apply - it is for trustees to set the transfer out basis after taking advice from the scheme actuary. It isn't a company decision.

If the trustees are generally made up of stooges for the Co they will set the rules according to what suits the Co.
When our BD was shut down the Co put people on it who they wanted as a prior attempt to shut it down wasn't voted through.

I fully understand the merits to the scheme of letting people leave but when staff retention becomes a serious issue this can trump wanting people to leave.

Brynsam

232607 wrote: »

If the trustees are generally made up of stooges for the Co they will set the rules according to what suits the Co.
When our BD was shut down the Co put people on it who they wanted as a prior attempt to shut it down wasn't voted through.

I fully understand the merits to the scheme of letting people leave but when staff retention becomes a serious issue this can trump wanting people to leave.

So what were the member nominated trustees doing?

232607

Brynsam wrote: »

So what were the member nominated trustees doing?

I don't know. Maybe they were influenced or outnumbered by the newcomers to committee.

nrsql

It depend a lot on how they want the balance sheet to appear which in turn depends on what they have negotiated with the auditors. Could be that the holding company wants the company to appear to be doing badly so they can support it with "loans" which can then accrue interest and move profits to a different jurisdiction or just to a different company (look at Tesla and Solar City).

Parking_Trouble

I will write to Equiniti to ask why it has halved. I don't expect much of an explanation but at east get an 'official' reply.

Anything else I could do?