The UKs Pension Protection Fund (PPF) is preparing to take on pension schemes linked to UK construction company Carillion, which entered liquidation this morning.
The companys management were in talks with lenders and stakeholders over the weekend in a bid to save the company, but these failed. Carillion had a combined debt of more than £900m (1bn), according to media reports.
Carillions defined benefit (DB) pension schemes had total assets of £2.6bn but a shortfall of £804m at the end of 2016, according to its latest annual report.
The PPF was designed as a safety net to take on DB schemes if their sponsors go bust. In its most recent annual report, the PPF declared a £6bn surplus.
A spokesperson from the PPF said: We can…
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