When does it become helpful for managers to boast about the bad shape of their staff pension plans? When their companies are under siege from hostile bidders. And what should pension fund trustees do about such boasting? Become more independent, as the new UK law suggests. Those are two of the lessons from the recent takeover flurries over Marks & Spencer and WH Smith, two troubled UK retailers.
Take M&S first. The company has a pension problem.
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