Government moves to strengthen Pensions Regulator
Monday 4th March 2019
The Government will seek to introduce new legislation to make ‘wilful or reckless behaviour’ in relation to pension schemes a criminal offence.
The proposal, in response to a consultation to improve The Pensions Regulator’s powers, would aim to prevent and penalise mismanagement of pension funds. Individuals who wilfully or recklessly mishandle pension schemes and endanger workers’ pensions could face up to seven year’s imprisonment and/or an unlimited fine. Failure to comply with a contribution notice will be punishable by an unlimited fine.