Carillion’s Demise Shines a Light on UK Pensions Shortfall

CarillionDebt laden construction firm Carillion has fallen into liquidation after it failed to reach an agreement with creditors during crisis talks over the weekend.

In addition to debts approaching GBP1 billion, the company has an enormous pension deficit. What does that mean for members of its staff pension schemes?

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Firm Targeting Nest Eggs of UK Expats Faces SEC Probe

Securities and Exchange Commission; SECBloomberg reports that an international financial advisory company has charged upfront commissions for years on investments to UK expats, even though its SEC registration didn’t allow such commissions.

There were a lot of charges. In addition to an annual management fee, the company would charge a fee on the pension transfer that could be as high as 7%, spread over several years (known in the industry as an ‘indemnity commission’), three former employees said. Clients who transferred pensions would have to decide how to invest the money, giving salesmen another chance to earn commissions.

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