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‘Abuse’ of private sector pensions to be stopped in wake of Carillion scandal, prime minister Theresa May says

PUBLISHED: 08:19 21 January 2018 | UPDATED: 08:19 21 January 2018

Prime minister Theresa May.  Picture: Nick Butcher

Prime minister Theresa May. Picture: Nick Butcher

Archant © 2017

Huge fines will be imposed on irresponsible company bosses who “line their own pockets”, the prime minister has said.

A worker wearing a hi-vis jacket at a Carillion construction site. Picture: Yui Mok/PA WireA worker wearing a hi-vis jacket at a Carillion construction site. Picture: Yui Mok/PA Wire

Theresa May said she will outline plans in the coming weeks to crack down on “abuse” of the system by business chiefs following the Carillion scandal.

Proposals include giving the pensions regulator specific powers to issue punitive fines on company directors in cases of clear wrongdoing, according to The Observer.

Mrs May revived the pledge she made on taking power to prioritise “ordinary working people” rather than the “privileged few”.

Several former executives at failed outsourcing giant Carillion received significant pay and perks packages before it collapsed.

The PM told the newspaper “tough new rules” will be introduced to tackle the behaviour of “executives who try to line their own pockets by putting their workers’ pensions at risk - an unacceptable abuse that we will end”.

She added: “Too often we’ve seen top executives reaping big bonuses for recklessly putting short-term profit ahead of long-term success. Our best businesses know that is not a responsible way to run a business and those who do so will be forced to explain themselves.”

It comes after a Tory former minister accused Mrs May of timidity and a lack of ambition in a devastating attack on her leadership.

Nick Boles warned the Prime Minister it was “time to raise your game” and claimed her government “constantly disappoints”.

He tweeted: “There is a timidity and lack of ambition about Mrs May’s Government which means it constantly disappoints. Time to raise your game, Prime Minister. £worboys £HousingCrisis £NHSfunding £etcetc”

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