Defined Benefit  

Mismanaging pensions to become criminal offence

"These new laws are more likely to generate headlines than to protect workers’ pensions."

BHS went into administration in April 2016, putting workers' retirement nest eggs at risk and TPR has been investigating the case since.

In the end, a £363m settlement with Sir Philip was reached to fund a new independent pension scheme for 19,000 former BHS workers.

At the time, the Work and Pensions committee suggested new powers for TPR, as these would provide what it described as a "nuclear deterrent" against another BHS-style scandal.