Pensions | 'Reckless' bosses who mismanage pensions to face lengthy jail terms

The government is planning to introduce lengthy jail sentences for executives who recklessly mismanage pension funds – The Guardian reports.

Work and Pensions Secretary Amber Rudd recently explained that a new criminal offence would be introduced to punish “wilful or reckless behaviour” relating to a pension scheme, with unlimited fines and prison terms of up to seven years becoming potential punishments for the worst offenders.

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

“Meanwhile, workers who have done the right thing and saved for retirement, confident their investments were safe, are left facing a leaner later life.