Government vows crackdown on company bosses who ‘plunder pensions’ with seven-year jail terms

Rogue company bosses who put staff pensions at risk will be targeted “with the full force of the law”, the pensions minister has vowed.

Writing for the Telegraph after the Queen’s Speech, Guy Opperman has promised chief executives who break the rules on pensions will “have nowhere to hide” as he unveiled plans to hit offenders with prison sentences of up to seven years and potential £1m fines.

The changes were announced this morning as part of the Pensions Schemes Bill, which also includes legislation to enable a pensions dashboard, allowing savers to view all their pots in one place, and a new type of pension, known as “collective defined contribution (CDC)”.

He wrote: “If you’re a company boss…