Bosses who play 'fast and loose' with pensions face seven years in prison

Fines of up to £1m

James Phillips
clock • 3 min read

Company directors who deliberately or recklessly put their workers' pension funds at risk face seven years in prison under plans to crack down on "acts of astonishing arrogance and abandon".

Secretary of state for work and pensions Amber Rudd has said that those who engage in "wilful or reckless behaviour relating to pensions" will face the custodial sentence, or an unlimited fine, if found guilty of the offence. The plans were confirmed as the Department for Work and Pensions (DWP) today (11 February) published a response to its consultation on widening the powers of The Pensions Regulator (TPR). The document outlines an additional 10 powers for the watchdog, including knowingly or recklessly providing false information to TPR or trustees, and failure to comply with a re...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Retirement

Millions make retirement trade-offs to fund children and grandchildren's university costs

Millions make retirement trade-offs to fund children and grandchildren's university costs

Includes many delaying retirement

Jen Frost
clock 03 June 2026 • 3 min read
Watch PA's Working Lunch with L&G: Navigating the new landscape of retirement solutions

Watch PA's Working Lunch with L&G: Navigating the new landscape of retirement solutions

Catch up on the discussion

Professional Adviser
clock 09 April 2026 • 1 min read
The changing nature of retirement planning

The changing nature of retirement planning

Retirement planning conversations must 'evolve'

Lorna Shah
clock 02 April 2026 • 4 min read