Up to 3yrs for bosses who play dirty on staff pension
ROGUE bosses who are reckless with employees’ pensions are to face up to three years in jail.
The Pensions Regulator will be given tough new powers following the BHS scandal, which put the savings of 19,000 current and former staff in peril.
The regulator accused tycoon Sir Philip Green of selling the store to dodge responsibility for its insolvent pension schemes.
He finally agreed last year to pay in £363million to help bail them out.
Esther McVey, the Work and Pensions Secretary, will tomorrow unveil plans for an offence of shirking pension responsibilities.
She said: “We’ll punish directors who wilfully or recklessly put pension schemes at risk. We’ve seen what can go wrong.”
Prime Minister Theresa May added: “It’s vital people have the confidence their pension will pay out in retirement.”
The regulator will also be able to step in if it fears pensions may be at risk.
Green sold BHS for £1 in 2015 to ex-bankrupt Dominic Chappell. The store collapsed a year later, with its two pension schemes.