Corporate tycoons and their disregard for company pension schemes is a touchy subject in the United Kingdom, particularly as none of the parties involved—the business owner, the regulator, the government, the auditors, and other professional advisers—come out of the ensuing scandal particularly well. However, it is the workforce that ultimately pays, while those at fault tend to dust themselves down and move on.

Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...