Mr Meeson of George St, Wolverhampton and Mr Bradley of Springhill Lane, Wolverhampton, were found guilty of the conspiracy which involved two pension schemes administered by their company Tudor Capital Management Ltd.
Between June 2007 and March 2012 the pair received income tax repayments amounting to £5m which they claimed was a refund on £20m of contributions made by pension scheme members. HMRC found these contributions did not exist.
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The pair were arrested in 2010 by HMRC officers investigating the multi-million pound fraud and were sentenced on 5 March at Birmingham Crown Court. Both men were also banned from being a company director for six years.
A pension fund trustee, Steven Price of Mappleborough Green, West Midlands, was also sentenced to 18 months, suspended for two years and fined £100,000 for attaining documents under deception.
Simon De Kayne, assistant director of criminal investigation for HMRC, said: "This was blatant theft from the UK economy by people who exploited their position of trust and authority. This prosecution reinforces our effectiveness in the crackdown to uncover and bring before the courts those involved in tax evasion and fraud."

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