Just what is wilful or reckless behaviour in relation to a pension scheme? That is the test at the heart of a new crime proposed in the Conservative party’s 2017 election manifesto and confirmed in a government response last month.
Wilful or reckless treatment of a pension scheme will be punishable by up to seven years’ imprisonment and/or unlimited fines (in addition to a new civil penalty of a fine up to £1m) under the new law. The policy was a response to the public outcry over the handling of the BHS pension scheme, arising from BHS’s administration in 2016.
Speculation has been rife about whether this new law would actually apply to any of the high-profile collapses seen in recent years. BHS and Carillion are the two most commonly cited examples.
Please click here to read the full article from Clive and Katie, which was originally published by the Pensions expert on 22 March 2019.