View more on these topics

Govt to set out new law against bosses who risk employees’ pensions

Broken-Piggy-Bank-Savings-Business-700.jpgThe Government is set to announce a new criminal offence of neglecting pension responsibilities this week, in the wake of the BHS and Carillion collapses.

The Observer reports that ministers are set to confirm they will target employers under the new rules, which will protect pension pots when companies go under.

Under the new measures company bosses will face fines or prosecution for putting employee’s pensions at risk. Directors will also be in the firing line if they are found guilty of mismanagement.

In January, Prime Minister Theresa May promised to crack down on highly paid executives who do not support workers’ pensions enough.

At that time she promised to announce new rules in the spring for executives who try to line their own pockets by putting their workers’ pensions at risk,

Of the new proposals, May says the Government will step in to make sure businesses “play by the rules”.

She says: “That’s why my government is making sure the Pensions Regulator has the powers it needs to crack down on the minority of businesses who shirk their responsibilities.”

May adds: “The action we are taking will ensure that the majority of responsible employees, employers and pension schemes will no longer have to bail out the irresponsible few.”



Kim North: Transfer complexities scaring advisers away

When not on the golf course, pension providers and investment houses have been putting the new freedoms under the microscope to work out how to benefit from what is estimated to be a trillion pound business opportunity. When we add in the wall of money that will arise from members of defined benefit schemes transferring […]


Former BHS boss convicted for failing to turn information over to regulator

The Pensions Regulator has won its court battle with former BHS boss Dominic Chappell, who has been found guilty of failing to disclose information to the regulator. Chappell was the majority shareholder in the company that purchased BHS for £1. He failed to supply to TPR regarding that sale and transactions thereafter as it investigated […]


Pensions regulator launches prosecution against BHS man Chappell

The Pensions Regulator’s investigation into BHS has been reignited as it announces it intends to prosecute the majority shareholder of the company that purchased the retail giant. TPR is prosecuting Retail Acquisitions Ltd director Dominic Chappell for failing to turn over information and documents while it was investigating the sale of BHS and the treatment […]


Pensions regulator agrees £363m settlement with ex-BHS boss Green

The Pensions Regulator has reached a £363m settlement with former BHS boss Philip Green to plug the deficit in the collapsed retail chain’s pension scheme. The funds will go towards a new, independent pension scheme will offer the same pension as when employees started with BHS. 19,000 members will be entitled to higher benefits than […]

HMRC helping to remove artificial gains

An investment bond offers investors certain tax advantages, one of which is the ability to take partial surrenders from the investment. This facility allows the policyholder to withdraw amounts up to 5% of the amount invested each policy year on a tax deferred basis, without incurring any immediate tax liability. This tax deferred allowance can […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. The final nail in the DB coffin?

Leave a comment