Phillip Green The Robber

The Fear

The Fear

A Wise Man (once sat next to him)
http://www.mirror.co.uk/news/business/sir-philip-green-told-get-8486489

Give back the money or lose your knighthood. Why on earth this man isn't in court is beyond me.
 
The worst type of person . A bullying arrogant man who has made a lot of peoples lives a misery.

Losing his knighthood should only be the start .
 
Yes, funny isn't it? We rob, we go to prison? They rob, they lose a title.

Off with his greedy fat head more like!
 
Typical case of one law for us and one law for them if a common career criminal gets sentenced then all their assets are seized and bank accounts are froze and emptied through the proceeds of crime act.So why does it not come into force with people like Green after all he's just a common con man who has committed fraud disgusting really.
 
sirdennis - 27/7/2016 15:06

Yes I agree gator.

Not many would be upset if he had a Maxwell type accident on his yacht.
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Exactly what I thought about this case exactly the same as Maxwell would love to know what actually happened to that horrible ####.
 
Think how many lives he's ruined?

Shouldn't wish ill on people but...........

And watching a documentary on Adolf Trump last night, I couldn't help but think, all those guns in America and.................
 
Not trying to defend him but I don't think he actually did anything illegal, that's why he's not in court. What he did was extremely irresponsible and unethical though, no doubt he's a complete arse

It's actually not unusual to have a pension scheme in deficit, a lot of final salary schemes are (except governmeny schemes), the idea is that as long as the company keeps going they should be able to match the benefits on offer, and they usually aim to eventually remove the deficit through new members and increased contributions by new members. Theres a reason why final salary pension schemes are being phased out and are now a lot less common, they cost an awful lot to maintain. Typically you'd get much better benefits with a final salary scheme than any other pension arrangement, but I guess the risk is that the company could go bust leaving you in a shit situation. Only really a problem when you get companies run like BHS under this bloke
 
In 2000 the BHS pension scheme was £43 million in credit , between 2002 and 2004 Green paid his family £307 million in dividends and made no contribution to the pension fund , which by the time Green sold BHS was £315 million in deficit.

That in my eyes is a criminal act.
 
sirdennis - 27/7/2016 22:20

In 2000 the BHS pension scheme was £43 million in credit , between 2002 and 2004 Green paid his family £307 million in dividends and made no contribution to the pension fund , which by the time Green sold BHS was £315 million in deficit.

That in my eyes is a criminal act.
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Under what legislation? I am no law expert but I don't think he's actually broken the law, but maybe he or his company has

Most pension schemes of this type are in deficit, poor investment prospects over the past 10-20 years combined with improving life expectancy means these arrangements are difficult to manage, that's why a lot of them are either shutting down for new members or worsening the deal for new members. Count yourself lucky if you have a final salary pension.

I would be interested to find out what legal requirements there are for funding these pensions (I work in this area which is why I'm interested, I don't just have a general interest in pension legislation for fun)
 
David them people who were in that pension scheme have paid into that scheme for however long out of their wages.Green was supposed to have matched their contributions now in my scheme you had a choice of low risk and medium risk investment which I would imagine was the same as his scheme so at the very least you should expect your own contributions back for a medium risk one and your money back plus interest for a low risk on so why do you think he's acted appropriately.
 
This is a very complicated subject, and we're never going to adequately cover it here.

I am one of a very small number of advisers qualified to advise on Final Salary Schemes. The factors leading to their decline are many.

Probably the biggest is the rising age of the population, leading to the cost of actually buying the pension escalating. It costs around to 4 times more to buy the pension than it did 20 years ago.

Many employers, including big ones like BA, took premium holidays when schemes were in surplus. At the time, many experts said it was a mistake, and so it has proven.

Is it criminal? No. Is it poor management? Certainly. The Pension Protection Fund and the Regulator do keep an eye on them, and plans have to be put forward to reduce the deficit. I gather BHS was on target to do so by 2036. Obviously, that will not now happen.

All in all, these schemes should have been shelved decades ago. Most businesses just cannot afford them.
 
Understand that Heath and you are probably right in the eyes of the he hasn't broke the law but for me thats because the law flawed on these matters it's exactly the same as when companies are knowingly going under but still carry on trading it's theft as far as I'm concerned.
 
gator - 28/7/2016 14:56

Understand that Heath and you are probably right in the eyes of the he hasn't broke the law but for me thats because the law flawed on these matters it's exactly the same as when companies are knowingly going under but still carry on trading it's theft as far as I'm concerned.
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Totally agree. My friend ordered a fridge/freezer from a company online. It never turned up. They were still taking orders even though they were in administration.

She was at the back of the queue for the money. Unfortunately because she paid by debit card and not credit card she couldn't get her money back. The moral is use your credit card online and pay it straight back I guess
 
gator - 28/7/2016 14:56

Understand that Heath and you are probably right in the eyes of the he hasn't broke the law but for me thats because the law flawed on these matters it's exactly the same as when companies are knowingly going under but still carry on trading it's theft as far as I'm concerned.
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It's been a major problem for a long time, and successive Chancellors haven't addressed it. If you asked every Employer to fill the black hole in their pension scheme, most Companies wouldn't survive it. The economy would tank.

The drip feed method, giving them time to correct it, has been working, but that does not help a Company that goes under.

It's not the first and won't be the last.
 
kefkat - 28/7/2016 15:11

gator - 28/7/2016 14:56

Understand that Heath and you are probably right in the eyes of the he hasn't broke the law but for me thats because the law flawed on these matters it's exactly the same as when companies are knowingly going under but still carry on trading it's theft as far as I'm concerned.
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Totally agree. My friend ordered a fridge/freezer from a company online. It never turned up. They were still taking orders even though they were in administration.

She was at the back of the queue for the money. Unfortunately because she paid by debit card and not credit card she couldn't get her money back. The moral is use your credit card online and pay it straight back I guess
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Or if your a dinosaur like me go to the shop and pay cash. :17:
 
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