Global Pension Ponzi – Carillion Collapse One Of Many To Come
By: GoldCore
GoldSeek.com
Monday, 22 January 2018
Pension Crisis And Deficit of £2.6B At Carillion To Impact UK Pensions
– Carillion collapses leaving a £900 million debt pile and 30,000 pensions at risk
– Carillion PLC share price has collapsed 94% in last twelve months
– Private analysis of Carillion’s pension deficit reveals it to be as high as £2.6 billion
– Figure adds to the UK’s ongoing pension crisis, both private and state are severely underfunded
– UK’s Private Pension Fund already has a levy of £550 million for next twelve months
– UK state pension crisis as state fund to be ‘exhausted by 2033’
– Ensure your pension is funded and properly diversified with gold
The looming pension crisis has been signalled in the collapse of Carillion. The deficit of latest private sector dead-on-arrival Carillion is officially £580 million. However, private reports suggest it could be as high as £2.6 BILLION.
According to a Sky News investigation: ‘the £2.6 billion figure relates to the cost to Carillion of paying an insurance company to guarantee all of its pension liabilities, and is significant because it is likely to be the sum claimed on behalf of the pension schemes as part of the liquidation process.’
Nearly 30,000 UK workers’ pensions are at risk thanks to Carillion management’s total mismanagement of a company that has seen its share price collapse 94% in the last 12 months.
Carillion’s 27,500-member pension scheme was placed on an ‘at risk list’ in autumn 2017. Arguably, it like many other pension funds should have been there many months ago.
Sadly, Carillion is just the latest in a very long string of serious company collapses that have highlighted the major pension crisis in the UK and around the Western world. It also likely signals that we may be on the verge of many, many more very large corporate bankruptcies in the UK due to massive debt levels and unfunded liabilities.
This is not a situation unique to the private sector. It will be repeated in the years ahead – both in the public and the private sector.
In November 2017, the OECD warned that the UK’s defined benefit workplace pension plans (final salary schemes) as ‘persistently underfunded’ and the state pension as seriously lacking.
Everyone is exposed by this and it emphasises the importance of saving for retirement and ensuring your pension is both funded and properly diversified.
These ongoing disasters in the UK’s pension pots are also a threat to the efforts of prudent individuals who have worked hard to set aside enough for their hard-earned retirements.
Private Pension Fund Palaver
The UK’s Private Pension Fund estimates that it will cost around £900m to cover the costs of the Carillion pension schemes. The idea of the PPF is that it is funded by liquid private companies who offer private pensions, as a sort of insurance should a Carillion-esque disaster strike.
The Rest…HERE
