When an employer makes pension promises to its employees, their staff have every right to expect those promises to be kept. Defined benefit, or final salary, pension schemes are becoming increasingly rare these days in the private sector. When these pension schemes occasionally make the headlines, it tends to be the result of some malfeasance taking place, usually to the detriment of the pension scheme member. A new consultation has been launched by the government, aimed at giving tougher powers to The Pensions Regulator (TPR) and reviewing “misuse” of the current flexibilities offered to employers who are funding defined benefit schemes.
Bosses could be locked up for ‘recklessly’ underfunding a company pension scheme
This 765 word blog post explains the new Department for Work and Pensions consultation aimed at giving greater powers to The Pensions Regulator, including creating a criminal offence of ‘recklessly’ underfunding a company pension scheme. Written on 26th June 2018.