Protecting Pensions

The Work and Pensions Secretary has announced that directors who recklessly put workers’ pensions at risk will face up to seven years in prison or unlimited fines. 

 This will give an incentive to all who are responsible for running a company with a pension scheme to make sure they protect workers and ensure there is a reward for those who have done the right thing by saving.


Key facts:
  • 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. 
  • For too long the reckless few playing fast and loose with people’s futures have got away scot-free. Workers who have done the right thing and saved for retirement, confident their investments were safe, are left facing a leaner later life. 
  • These plans are included in the Government’s response to a consultation on enhancing the pensions regulator’s powers. 

Why this matters: 

We are working to protect workers from reckless bosses and to avoid ‘Philip Green-style pension scandals’ from happening again. Wilful bosses who gamble on their workers’ savings should face consequences for the suffering they cause.

Comments

Anonymous said…
Was Robert Maxwell not a"reckless boss" or just another crook?
7:56 pm
Chris Whiteside said…
The late Robert Maxwell would probably have been a good example of the sort of irresponsible employer this legislation is aimed at, were it not that it is difficult to prosecute the dead.
10:43 pm
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