Iron will

24 January 2018 By Aimee Donnellan Follow @aimeedonnellan

Prime minister Theresa May vowed to punish groups that fail to protect retirement benefits, like collapsed outsourcer Carillion. New tools could include fining companies or curbing payouts. But the regulator can do more with the powers it already has to make companies fill gaps.

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UK Prime Minister Theresa May said she would clamp down on bosses who try to “line their own pockets” while not protecting workers’ retirement schemes following the collapse of Carillion, which left a 900 million pound pension deficit.

Private companies could help deliver better public services, but the system needs to be rebalanced in favour of ordinary working people, May wrote in the Observer newspaper on Jan. 21.

Britain’s opposition Labour Party is expected to call for a binding vote in the House of Commons, the lower house of parliament, requiring ministers to hand over their risk assessments for Carillion before the company went bust, Sky News reported on Jan 24.

Carillion, a contractor on UK public projects, went into compulsory liquidation on Jan. 15 after banks refused to lend it more money.

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