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Commons committee to focus on pensions advice as accountants are questioned over role in collapse The PPF is likely to pick up all but two of Carillion’s 13 pension schemes and has estimated the funding shortfall for the schemes at about £900m. It would cost an estimated £2.6bn for a pension firm to buy out the defined-benefit schemes, which is unlikely to happen. Frank Field, the chair of the Commons work and pensions committee, said: “PwC had every incentive to milk the Carillion cow dry. Then, when Carillion finally collapsed, PwC adroitly re-emerged as butcher, packaging up joints of the fallen beast to be flogged off. “For this they are handsomely rewarded by the taxpayer. They claim to be experts in every aspects of company management. They’re certainly expert in
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Commons committee to focus on pensions advice as accountants are questioned over role in collapse The PPF is likely to pick up all but two of Carillion’s 13 pension schemes and has estimated the funding shortfall for the schemes at about £900m. It would cost an estimated £2.6bn for a pension firm to buy out the defined-benefit schemes, which is unlikely to happen. Frank Field, the chair of the Commons work and pensions committee, said: “PwC had every incentive to milk the Carillion cow dry. Then, when Carillion finally collapsed, PwC adroitly re-emerged as butcher, packaging up joints of the fallen beast to be flogged off. “For this they are handsomely rewarded by the taxpayer. They claim to be experts in every aspects of company management. They’re certainly expert in
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Commons committee to focus on pensions advice as accountants are questioned over role in collapse
The PPF is likely to pick up all but two of Carillion’s 13 pension schemes and has estimated the funding shortfall for the schemes at about £900m. It would cost an estimated £2.6bn for a pension firm to buy out the defined-benefit schemes, which is unlikely to happen.
Frank Field, the chair of the Commons work and pensions committee, said: “PwC had every incentive to milk the Carillion cow dry. Then, when Carillion finally collapsed, PwC adroitly re-emerged as butcher, packaging up joints of the fallen beast to be flogged off.
“For this they are handsomely rewarded by the taxpayer. They claim to be experts in every aspects of company management. They’re certainly expert in ensuring they get their cut at every stage.”
Three partners from PwC will face questions from MPs as part of the joint inquiry by the work and pensions committee and business committee into the collapse of Carillion: Marissa Thomas, head of deals; David Kelly, special manager; and Gavin Stoner, restructuring and pensions.
MPs on the two select committees have already accused the “big four” accountancy firms of “feasting on what was soon to become a carcass”. KPMG, Deloitte, EY and PwC banked £72m for work carried out on Carillion, its pension scheme and its government contracts in the 10 years leading to its failure.