Carillion’s former finance director considered putting cash into the firm’s pension deficit a “waste of money”, according to the minutes of a meeting written by the pension scheme trustees. But it came under fire for a perceived lack of action to force Carillion to pay enough money into the schemes. He said: “They were shovelling money out to themselves, they were shovelling it to shareholders, why didn’t you get them to shovel it to pensioners?”Q&A What is a pensions deficit? Show Hide A deficit occurs when a salary-related pension scheme doesn't have enough assets to pay for all its future possible liabilities - ie, payouts to workers when they retire. Separately, Unite raised concerns about “missing” pension payments it said had been deducted from members’ pay packets before Carillion’s collapse but had not reached the retirement scheme.

Source: The Guardian February 22, 2018 11:33 UTC