Is there no limit to L&G's talent for delay?

Response 30/10/2012 from The Trustee Corporation.

Dear Mr Nichols,

It is frustrating that we are in a position that we must rely on third parties to progress the buy-out. Aegon are still working to agree a buy-out slot as quickly as possible; they have not dismissed the buy-out in any way. Indeed, they are contractually bound to conclude it.

The delay is currently with L&G, who have to provide data to Aegon. Please rest assured that we have put significant pressure on L&G in order to complete the data request for Aegon as soon as possible. They have confirmed that this should be completed by 9 November. In the meantime, we are working with Aegon to secure a buy-out date based on this expected delivery of data.

We will confirm to all members once the buy-out has been concluded but please do contact me if you would like an update in the meantime.

Kind regards,

Philip

Philip W. Sutton Director The Trustee Corporation Limited

It would appear (to the untrained eye of someone who is not versed in these contractual buy-outs) that the data verification which was OK earlier this year is no longer either trustworthy or up to date. 

Please feel free to contact Mr Sutton as soon and as often as you think necessary to keep up to date with progress.

Aegon - another one?

Email reply to The Trustee Corporation 22 October 2012

Mr Sutton,

It would appear that we now have two(?) third parties which cannot be relied upon!

As in my previous email, we would like a detailed explanation, not just a sweeping statement. Secondly, what is the future plan? I would like to expect that Aegon offered a new date, and did not simply dismiss the buy-out.

Is there still an obligation or plan to buy, or is the deal no longer in their interest? This may be construed as the case as there doesn’t appear to be much effort on their part to conclude from where we’re sitting.

To continually have to chase this is becoming tiring, so a full explanation and ongoing plan of action is required from all parties so we have something concrete to refer to.

Richard (Henry) Nichols

And here's the No News!

Response from The Trustee Corporation, 22 Oct 2012

Dear Mr Nichols

You are correct to say that the buy-out did not conclude in September as expected. As will have been evident from previous experience, the Scheme is in the hands of third parties in this regard. On this occasion, AEGON advised that they were unable to proceed with the Scheme's scheduled slot due to an overrun on other cases. We continue to liaise with L&G, AEGON and the Japanese parent company over the finalisation of the buy-out and will confirm to all members once this has been concluded.

Yours sincerely

Philip W. Sutton
Director
The Trustee Corporation Limited
philip.sutton@squiresanders.com

T +44 (0)121 222 3541
M +44 (0)7740 924795
F +44 (0)870 460 2883

The Trustee Corporation Limited
Rutland House
148 Edmund Street
Birmingham
B3 2JR
England

The clock ticks, but doesn't strike!

Email to The Trustee Corporation, sent 21/10/2012 on behalf of the members

Mr Sutton,

From the last communication back in July (shown below), it was suggested that the buy-out would be going ahead on 28th September 2012. This does not appear to be the case as far as I can tell as pensions in payment are still coming through from Legal & General, not Aegon.

Please could respond by return and outline whether the buy-out went ahead as planned? If it isn’t possible to confirm this, I would like a detailed explanation and plan of action going forward to complete the transaction process and bring this sorry tale to a swift and “successful” conclusion.

I will restrain from conjecture and will await your response before I make further comment.

Regards

Richard (Henry) Nichols