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Pension holes are so huge they are now devouring buildings
November 3rd, 2010 | Pensions in the News

Companies like M & S and Sainsbury’s are signing corporate property assets over to retirement schemes to fill gaps. How long before the bubble bursts on these expensive plans?

Is it possible to fill gaps in final salary scheme pension funds with property? Well, M&S and Sainsbury’s seem to think so with Sainsbury’s pledging £750 million of their ‘unencumbered’ property to their pension fund to help plug the whopping £1.2 billion shortfall while M & S followed suit. Their pension fund has a £5 billion property partnership which will now run until 2032 instead of its original end date of 2017.

This is music to the ears of the pension advisory industry as this means that they will continue to receive fees with free assets being plunged into a dying fund to keep it alive. Rather than just admit the pension fund is dead in the water, why not use some property off the sponsoring company to continue flogging the dead horse? PricewaterhouseCoopers says that it is in talks with 33 of the UK’s biggest employers advising them how to use £5 billion this way.

It is subject of much debate as to whether the pension funds are worth their valuations with financial directors inclined to believe that pension accounting is fantasy, instead questioning the methods used to come up with deficit totals. If these deficits actually have no relation to an asset’s real value then it is acceptable to break the rules.

Shareholders will not be as jubilant as employees who are delighted that they are still on course to collect their final salary pensions. If the company were to suddenly go bankrupt, the pension fund holders would get the property while shareholders would take a bath.

They are reassured by being told that M&S and Sainsbury’s are corporate giants who have no chance of going under unless the entire economy goes down too. These are the same statements made about banks before many of them went to the wall.

Final salary schemes cost far too much at the end of the day. Companies and Unions did not have any foresight and failed to see this eventuality. Rather than making a deal to make pensions cheaper, they stood idly by while the stock market stagnated, interest rates fell and life expectancy rose. This idleness has now put younger workers in serious turmoil as they are left with the poorest occupational pensions possible.

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