The Government’s response to the consultation on protecting defined benefit pension schemes indicates an intention to introduce a new criminal offence to prevent and penalise scheme mismanagement. The measure will target individuals who wilfully or recklessly mishandle pension schemes, endangering workers’ pensions, by such things as chronic mismanagement of a business; or allowing huge unsustainable deficits to build up; or taking huge investment risks; or a combination thereof. Those convicted face a term of up to seven years’ imprisonment or an unlimited fine.
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