Government to make mismanaging of pension funds a criminal offence
Amber Rudd, the work and pensions secretary, said the current fines were not enough and that a new criminal offence would be introduced to punish wilful or reckless behaviour relating to a pension scheme, threatening unlimited fines and prison terms of up to seven years for the worst offenders.
Rudd will tell parliament on Monday that the new measures show that the Conservative government is on the side of workers saving for retirement and that we will protect their incomes from reckless behaviour.
More than 10 million people are now enrolled in workplace pension schemes.
Rudd, a former JP Morgan banker and business executive, said: For too long the reckless few playing fast and loose with people’s futures have got away scot-free. Acts of astonishing arrogance and ...
