United States

Pensions: Tougher jail terms for mismanaging funds

Company executives could face up to seven years in prison if they mismanage employee pension schemes.Work and Pensions Secretary Amber Rudd has proposed a new criminal offence for "wilfully or recklessly" mismanaging funds.Plans outlined last year for a maximum sentence of two years in prison were toughened up after public consultation.Writing in the Sunday Telegraph, Ms Rudd said the law will target "the reckless few playing fast and loose"."If you run your company pension into the ground, saddling it with massive, unsustainable debts, we're coming for you," she said.Sir Philip 'sold BHS to dodge pension cost' From 'king of the High Street' to 'unacceptable face of capitalism' Ex-BHS owner Dominic Chappell fined £87,000 She said ...