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British Secretary of State for Labor and Pensions Amber Rudd leaves Downing Street in London on January 22, 2019. REUTERS / Toby Melville / File PhotoReuters
LONDON (Reuters) – Employers who poorly manage workers' pension funds will be sentenced to seven years in prison or unlimited fines, UK pension minister Amber Rudd said on Sunday, announcing a stronger response to a series of large-scale bankruptcies .
Britain has promised tougher laws governing pension management for more than a year following the bankruptcy of companies such as the Carillion subcontractor and the BHS department store chain.
Ministers have already suggested a maximum sentence of two years imprisonment, but Rudd used a newspaper article to announce heavier sentences.
"For too long, the few rash players who played fast and unhindered with the future of people have fled," Rudd wrote in the Sunday Telegraph.
"To prevent these freelancers from playing fast and with your money, I will make" voluntary or irresponsible behavior "about a pension plan a crime, with a prison term of up to seven years for the worst offenders. We will also give the courts the power to collect unlimited – if not unlimited – fines.
(Report by William James, edited by Elaine Hardcastle)
Copyright 2019 Thomson Reuters.
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