“A City fund is under fire for pouring tens of millions of pounds of councils’ pension money into projects run by the outsourcer Carillion weeks before it went bust.
Pensions Infrastructure Platform (PIP) invests the pensions of councils from Strathclyde to the West Midlands. It bought 10 infrastructure schemes from Standard Life Aberdeen for £400m in late November.
That deal included two Carillion hospital projects — the troubled Royal Liverpool and Southmead in Bristol.
PIP’s investors demanded an investigation after the fund was left nursing heavy losses in the wake of Carillion’s collapse into liquidation in January.
That internal review, which has been completed, recommended that PIP tighten its internal controls.”