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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.”

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  1. The final nail in the DB coffin?

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