The other aspect of the Carillion debacle is that all the various pensions it’s taken over and not funded, to the tune of £675m, will move into the Pension Protection Fund. This includes old schemes from the likes of Tarmac, McAlpine, John Laing and Mowlem, to name a few of which you may have heard.
One of my clients, whom I told to leave his funds put in a final salary scheme which went into the Protection Fund a few months later, has, after eight years, just received a backdated payment. Fortunately he’s still alive to enjoy it and I wish I’d recommended he transfer it, instead of doing the ‘right’ thing. But maybe hindsight’s the greatest gift of all.
