Pension schemes have trustees to provide arms-length governance, to protect the interests of employees and pensioners so that future Robert Maxwells can’t fleece them. Sounds like Carillion’s trustees were trying to do their job but were ignored. Whether you’re a fan of the c—- up or conspiracy, that the directors continued to pay dividends to keep up appearances rather than properly funding pensions, that their Chairman was a No 10 adviser, that they were allowed to become too big to fail but still did, could be seen as decidedly murky. You may think that, I couldn’t possibly comment; I’m sure our elected leaders know best.
Only around 10% of our clients were lucky enough to have, or be likely to have, pensions which exceed the lifetime allowance of £1m or so.