Workers will be better protected against firms that misuse their money under new pension rules that come into force today. The new Pension Schemes Act will beef up the powers of the Pensions Regulator, introducing the power to issue civil penalties of up to £1million, alongside new criminal offences.
Bosses who run pension schemes into the ground or plunder pots to line their own pockets will face up to seven years in prison, Pensions Minister Guy Opperman today said.
The Act also changes requirements around pension scheme funding to improve financial sustainability. Tom Selby, senior analyst at AJ Bell said: "The Act will place a new emphasis on schemes to consider the climate change impact of the investments they make on behalf of members
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