Anthony Hilton: Pension hitch to a deal for Smiths’ medical arm
Saturday 01 June 2013
Yesterday brought reports that Smiths, one of our remaining powerful engineering groups, is wondering whether or not to sell its medical division, the unit which has been involved in many of the most significant advances in UK medical technology.
Smiths has a huge pension fund deficit and a workforce which is a mere fraction of what it was. The vast majority of the pension fund members whom the trustees exist to serve no longer have any connection with the group.
Thus the problem with any disposal is that it is likely to trigger a demand from the pension trustees that the proceeds be given to the fund to meet the obligations of the past, rather than reinvested in the business to meet the challenges of the future. If the medical division does go, the most interesting aspect of the sale will be how this dilemma is resolved.
- 2 Moscow voted the world's unfriendliest city
- 3 The excuses your boss is most likely to believe when you call in sick
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
If these extraordinarily powerful images of a dead Syrian child washed up on a beach don’t change Europe’s attitude to refugees, what will?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
Voluntary and unpaid, reasonable expenses reimbursable: Reach Volunteering: St...