On the Work Foundation bankruptcy

OK, so the Work Foundation went bust.

Pension deficit apparently.

So, has anyone actually done the forensic work? What\’s the real story?

Were Willy and the boys simply not paying in the pension contributions? Did they invest it all with some dodgy character? Was it appalling internal management or some external event?

It would be interesting to know before we allow Willy to tell us all what to do really.

3 thoughts on “On the Work Foundation bankruptcy”

  1. This was predictable from your coverage of it, Tim. It went bust because Will Hutton and the other trustees asset stripped it.

  2. Employee managed pensions are such an absurd concept, it could almost be considered a fraud.

    Same happens here in Oz. These poor auto workers turn up on TV crying because they worked for a manufacturer for thirty years and all their leave pay etc is gone. Why would you let someone else hold your entitlements for decades? I don’t get it. At least here pensions are totally sequestered from the employer, and everyone else except the taxman.

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