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Watchdog admits failure to protect Carillion pensions – fox news

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Watchdog admits failure to protect Carillion pensions – fox news
A watchdog says it should have acted quicker to force bust builder Carillion to pay in more to plug the ballooning deficit in its pension fund.Pensions Regulator boss Lesley Titcomb, 56, threatened to force the builder to act several times, but never followed through.MPs probing the collapse also revealed claims that Carillion’s former finance boss, Richard Adam, said he considered the pension schemes a ‘waste of money’.Carillion went bust last month with debts of more than £3billion, including a pension deficit of nearly £1billion.Titcomb said the regulator threatened to force it to pay more, leading to Carillion offering higher payments to the fund.Asked what she would have done differently, Titcomb told Parliament’s Work and Pensions Committee yesterday: ‘I think we would have reached a decision to bring in our powers to bear quicker.’I think we would have not continued so long, in that negotiation situation.’


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