Rogue bosses will face fines or prosecution for putting the pensions of their workers at risk under new laws to be unveiled by the government.

Ministers will confirm this week that they will target reckless employers with new rules designed to protect pension pots when companies go under. There will also be measures designed to target directors who are guilty of mismanagement.

The move follows the scandals that hit retailer BHS and construction giant Carillion after their collapses. It comes after Theresa May told the Observer earlier this year that she wanted to tackle bosses who “line their own pockets” while failing to protect workers’ pension schemes.

It has recently emerged that the board of Carillion dismissed a proposal that could have poured £218m into its pension scheme, believing the company could recover. The pot is now estimated to be nearly £1bn in deficit. A total of 28,000 members of Carillion’s 13 pension schemes are facing a cut to their retirement funds.

Meanwhile, the BHS pension scheme is believed to have a deficit of £571m after the department store collapsed last year. Former owner Sir Philip Green has since agreed to give £363m in cash to rescue the scheme, a move that could help the businessman keep his knighthood after calls for the honour to be removed.

Under the measures to be confirmed this week, ministers will announce a criminal offence of shirking pension responsibilities. It will become easier for the Pensions Regulator to intervene early when it detects issues. There had been strong demands for action from a parliamentary inquiry into the BHS crisis that backed huge fines for companies failing to protect pension funds.

On Saturday, the prime minister said that it was “absolutely vital that people who work hard and contribute to society throughout their career can have the confidence that their pension will pay out in retirement”.

“I am committed to making sure our economy works for everyone – backing businesses to create good jobs but stepping in to make sure they play by the rules,” she said. “That’s why my government is making sure the Pensions Regulator has the powers it needs to crack down on the minority of businesses who shirk their responsibilities.

“The action we are taking will ensure that the majority of responsible employees, employers and pension schemes will no longer have to bail out the irresponsible few.”