Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Prison time for U.K. bosses who botch pension scheme management

Neil Hodge | February 15, 2019

The U.K. government has promised tougher jail sentences of up to seven years for executives who mismanage company pension schemes.

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.

“For too long the reckless few playing fast and loose with people’s futures have got away scot-free,” said Amber Rudd MP, secretary of state for work and pensions. “Acts of astonishing arrogance and abandon punished only with fines, barely denting bosses’ bank balances.”

As such, “for the first time, we’re going to make wilful or reckless behaviour relating to pensions a criminal offence,” she added.

The failures of high-street fashion retailer BHS, with a £500 million deficit (U.S. $641 million) in its pension scheme,...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.