Corporate bosses who put pension schemes at risk could be held to account

If returned to government, the party would consider the introduction of a new criminal offence, according to its manifesto.

It has also proposed new powers to allow The Pensions Regulator to take action against those who mis-manage pension schemes. The regulator would be given the right to scrutinise, impose conditions on or prevent mergers and takeovers that threaten the solvency of a corporate pension scheme; to fine "those found to have wilfully left a pension scheme under-resourced", and potentially to disqualify company directors that have mis-managed a pension scheme.

"Millions of people in this country look forward to a more secure retirement because of their private pension," the party said in its manifesto.

"These pensions exist because employees have saved diligently through their life, often foregoing luxuries and holidays abroad. Those people did the right thing. Business owners who abuse pension funds and put them at risk, sometimes for their own lavish enrichment, are entirely in the wrong," it said.

Pensions expert Stephen Scholefield of Pinsent Masons, the law firm behind Out-Law.com, said that the proposals were "equally significant" as the party's much-trailed announcement that it would phase out the state pension 'triple lock', which would only be guaranteed until 2020.

"In line with previous statements, and with a nod to BHS, The Pensions Regulator is to be given new powers to intervene in and block corporate takeovers, with the prospect of a criminal offence being introduced for those who recklessly put at risk a pension scheme's ability to pay its pensions," he said.

"The job of running pension schemes isn't getting any easier – but, on this issue at least, the Conservative party is coming out on the side of those saving for their retirement. Given its stance on the triple lock, it's perhaps not a surprise that the party is backing private pension provision. What this means for pensions tax relief remains to be seen," he said.

A 'green paper' published by the government earlier this year, before the announcement of the early general election, proposed increased powers for The Pensions Regulator to intervene in corporate transactions that could affect a company's ability to meet its pension promises. However, it has ruled out the introduction of compulsory 'clearance' of such transactions, on the grounds that this "has the potential to make turnarounds more difficult and lead to more businesses being placed into insolvency".

The Conservative party has committed to maintaining the 'triple lock' which guarantees that the state pension will rise each year by the highest of price inflation, increase in average earnings or 2.5%, until 2020. It then intends to replace the policy with a 'double lock', meaning that pensions will rise by the highest of inflation or increase in earnings. Both Labour and the Liberal Democrats have committed to maintaining the triple lock in their respective manifestos. The Conservative party has also committed to ensuring that the state pension age "reflects increases in life expectancy, while protecting each generation fairly".

Pension funds will be encouraged to invest in new 'Future Britain' sovereign wealth funds, which will be used to fund British infrastructure, according to the Conservative manifesto. If elected, the party intends to create these funds out of revenues from shale gas extraction, dormant assets and the receipts of the sale of some public assets, according to the manifesto.