Carillion is wake-up call for pension regulators, says Altmann
Source - SMW
Former pensions minister Ros Altmann has warned that evidence which suggests Carillion's banks insisted further lending was conditional on reducing pension scheme funding is a wake-up call for trustees and regulators.
She said: 'If this is indeed the case, there are serious questions for the management, the Pensions Regulator and the trustees to answer.'
She said it was 'totally unacceptable to insist pension security plays second fiddle - these liabilities have people's lives attached.'
She said that trustees should be involved if an employer covenant is weakened and they must be more robust in challenging employers.