Carillion pension schemes face PPF as construction giant goes bankrupt

The Pensions Regulator (TPR), the Pension Protection Fund (PPF), civil servants from the Cabinet Office, and city advisers met on Friday, with talks continuing into the weekend, to discuss the fate of the construction giant's defined benefit (DB) schemes. This will likely mean 28,500 members from Carillion's 13 UK schemes, which have a combined IAS 19 accounting deficit of £587m as of the end of H1 2017, will be transferred to the Pension Protection Fund (PPF). PPF chief executive officer Alan Rubenstein said: "We can confirm that we have been notified that some of the Carillion group...