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Seven years in jail for bosses who recklessly risk pensions 12/02/2019 A new criminal offence of ‘wilful or reckless behaviour’ in relation to pensions will be introduced under proposals to crack down on abuse of final or average salary schemes.

Seven years in jail for bosses who recklessly risk pensions

A new criminal offence of ‘wilful or reckless behaviour’ in relation to pensions will be introduced under proposals to crack down on abuse of final or average salary schemes.

“The vast majority of bosses take their responsibilities seriously and look after their workers’ retirement funds,” said Secretary of State for Work and Pensions Amber Rudd. “However, for too long the reckless few playing fast and loose with people’s futures have got away scot-free. Acts of astonishing arrogance and abandon punished only with fines, barely denting bosses’ bank balances.”

“Meanwhile workers who have done the right thing and saved for retirement, confident their investments were safe, are left facing a leaner later life,” she added. “That cannot be right, which is why, for the first time, we’re going to make wilful or reckless behaviour relating to pensions a criminal offence.”

The move is designed to ensure company bosses who allow deficits to escalate to unsustainable levels, or who endanger their workers’ savings through chronic mismanagement, face the full force of the law.

The intention to introduce a new criminal offence of wilful or reckless behaviour in relation to a pension scheme, and the recommended maximum sentence, is included in the Government’s response to a consultation on enhancing The Pensions Regulator’s powers.

It comes as latest figures revealed more than 10 million people have been brought into workplace pensions saving by automatic enrolment since 2012.

The Government’s response is available here.

 

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