Not original, but good
Tim Jones of Interserve has remarked that the recent transfer of 13 PFI investments from the plc to the employees’ pension fund was the first of its kind. Not so: Vinci did this back in 2005.
But just because Mr Jones can’t claim a first, doesn’t mean he shouldn’t get credit for the move. Interserve can’t just wish away its pension problems and no one can keep repeating the trick of doubling their money in PFIs every five years. Facing up to these facts and acting on them is good, clear-sighted management.
