Today is an important one for those at risk of being defrauded out of their occupational pensions by cold calling scammers. From today, it will be illegal to cold call or text individuals to encourage them to transfer their safe and valuable pension into risky and usually fraudulent schemes.
Chair of the Trustees of the Schemes – Robin Ellison – an eminent pension lawyer and expert – is appearing before the Works and Pension Committee today to face questions on the Trustees’ actions.
It is not just the main Carillion companies that may now find themselves in severe financial difficulties. Smaller subcontractors may find themselves having to consider their position with regard to the Pension Protection Fund (PPF) and the Pension Regulator.
Since covering the deficit that the Carillion schemes are facing — we take a quick trot through the pension ‘lifeboat’ scheme and what it might mean to the 28,000 members of the 13 Carillion schemes.
As the dust continues to be stirred up following the Carillion collapse, and with a £587m shortfall, now seems a good time to set out what we know so far in relation to the pensions aspects.