Not under priced, just been loaded up with debt by their shareholders who then borrow money to pay profits back to themselves. The debt is also owned by lenders linked to the shareholders. it’s the Tory way.
they should not be bought out by the Government, the debt needs to not be met and the lenders can take the hit. The Government should take ownership of the enterprise when this is completed. Sick to death of privatising profits and socialising debt at taxpayers expence.
They can legally take over or nationalise the company and just scrap the debt.
This is what I’d like to see happen as it sends a clear message to the other twats loading service companies with debt to pay dividends.
The problem comes when all the people with pension funds see a massive nose dive in their pension pot because of the way their capital is invested.
That is why the Government had to sort out the Truss problems with the Bond market and the same issue applies to millions with work place pensions who are not on a Government scheme.
This is actually standard teaching in business finance courses like accountancy trainees get as a way of maximising shareholder value in dividends/share prices.
I take your point. But, I don’t think it applies to Welsh Water (where I live) or the water board that covers Northern Ireland. And, they will both need to spend a lot going forwards to cure all of the problems.
My point is that Water bills haven’t kept pace with inflation / the cost of living thus far and there has been underinvestment for years. To cover all of that they will go up in price steeply.
This is simply not correct. Any pension fund holding TW debt (or any other debt for that matter) that has not insured its positions using the CDS market deserves to take a kicking.
I meant pension funds being shareholders rather than lenders.
Other forms of hedging are available. The pension funds are more likely to be bondholders though. Any fund still heavily long TW equity is also likely to be poorly managed.
Whatever the theoretical rights’n’Rongs are concerning TW, we have a tory government, so public money will be spent to bail out a private company and bills will double and more people than ever before will be cut off when they can’t pay, and mighty volumes of lies will be told to justify it all.
Dogma > Decency - every time.
Not a problem, the pension fund managers should be accountable. If not, they will keep making risky loans thinking the government will ball then out if it goes pear shaped.
22 posts were split to a new topic: Eye (cataract) surgery
We’re already paying for it through taxes because of the subsidies you give them you complete bellend, except at the moment those subsidies are being used to guarantee dividends for the shareholders
“They don’t have a plan to pay for the bill attached to their rail nationalisation,” he said. “Without a plan to pay for this, it means one thing: taxes will rise on hard working people.”
Here I go again …
Vodafone Pensions are due one.
Claire worked for VF for long enough that most of her pension contributions were made under the original Defined Benefits scheme, now administered by Vodafone Group Pensions who are part of the insurance giant WTW. They live in a PO Box in Redhill. VF eventually swapped to a Defined Contributions scheme which is now called LifeSight. Unsurprisingly perhaps, given how very closely interlinked these two businesses must be, LifeSight are also part of WTW in Redhill, cooped up in a different PO Box.
In the few months before she died Claire put some effort, when that was a real effort, into activating her pension. She did this in part, at least, to minimise the trouble for me when it came to claiming the spouse’s pension once she would be gone. She was pleased and proud of having managed it. I thanked my lucky stars.
After she died I did have to fill in a long and detailed form. I had to prove that she was gone and that I was who I said I was and that I was also her beneficiary and that there weren’t any others. This included digging out and sending them some unexpected documents (my original birth certificate, for example, and the complete original of Claire’s ‘wet-ink signed’ will, though they would accept an electronic scan of that). But there you go. Paperwork is paperwork. I accept it had to be done.
A couple of days ago a fat envelope arrived here asking Claire to read all 86 enclosed pages and tell them how she would like to take her Vodafone pension when she turns 65 in November. I phoned the helpline and told them that she died in January and that they were already paying her pension and were about, I hoped, to start paying me.
It turns out that she had been dealing with Vodafone Group Pensions and that they were the ones I’d contacted to let them know when she died and to whom I’d sent all the paperwork. Unbelievably they hadn’t told LifeSight or indicated to me that I might have to. So the recent fat envelope was from LifeSight. They didn’t know Claire had died.
They were apologetic on the phone, but late yesterday they e-mailed me a 19-page form, near identical to the previous one asking me to prove all the stuff I spent February proving to Vodafone Group Pensions, and asking me to send in all the same supporting certificates, will, etc, etc. Again.
I will get back to them this morning. I will be polite. But I won’t be in a good mood. Even the government can manage ‘Tell Us Once’.
What a ball ache for you to have to go through Graeme, I feel for you.
I’m sure you will impart your unhappiness about their incompetence in a compelling manner!
Punch to the cock of Direct Collection Bailiffs Ltd who today wrote to me demanding £170 for overstaying at Shell Kings Lynn, on… 8th January 2021 
Real or scam?
They are the ones on the telly!
Look forward to seeing you on a future screening of ‘Can’t Pay? We’ll take It Away’ 
God strewth, what a nightmare for you Graeme. I have a feeling though that it will be quicker for you to resend everything to LifeSight than rely on Vodafone pensions to do that for you. At least you will know it’s done. As for a complaint, a letter to the Vodafone CEO is more likely to see action taken, although I do understand the need to vent at the idiots.
As a civil debt collection or as a Court order. If the former then spend ages ignoring it, then deny it and ask to see proof, then deny it again etc… If the latter, probably fucked.
Bloody nightmare Graeme.
When dealing with any large organisation in these circumstances it is always worthwhile asking to speak to ‘The Bereavement Team’ most of these organisations have such a team and they will have undergone additional training and be used to dealing with the additional complexity.