Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

UK. Seven years in jail for bosses who recklessly risk pensions

Devil-may-care directors who recklessly put workers’ pensions at risk will face up to 7 years in prison or unlimited fines.

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

Secretary of State for Work and Pensions Amber Rudd, said:

The vast majority of bosses take their responsibilities seriously and look after their workers’ retirement funds.

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.

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.

Read more @GOV