CliveH Posted July 17, 2013 Share Posted July 17, 2013 The new Auto Enrolment laws state that all employers must put in place and contribute to a work place pension scheme - large employers are already "on board" and smaller employers will progressively be over time. Over all this is a good thing but the "default" option for the fund investment is the Government inspired and set up "NEST". Which sadly has just lost £1.4M to fraudsters. ................................................ "The National Employment Savings Trust (Nest) has been hit by a £1.4 million fraud, it has revealed in its accounts. According to its annual scheme report the pension scheme lost £1.4 million as a result of a ‘supplier bank mandate fraud’ and a 'serious control failure' within Nest. It said: ‘In January 2013 we were notified that there had been an incident of fraud. This fraud was directed at Nest Corporation, resulting in a loss of £1,446,000 from our operating budget. It was of a type known as mandate fraud, involving the diversion of a supplier payment. No money was taken from members’ retirement pots.’ Nest chief executive Tim Jones has forfeited a potential bonus as a result. .................................................................... Hardly fills one with confidence does it. :-S Link to comment Share on other sites More sharing options...
Symbol Owner Posted July 17, 2013 Share Posted July 17, 2013 CliveH - 2013-07-17 2:30 PM Hardly fills one with confidence does it. :-S It doesn't Clive, does it? See here: http://www.guardian.co.uk/money/2013/jul/16/pension-schemes-fewer-members Cheers, Colin. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted July 17, 2013 Share Posted July 17, 2013 Oh dear the man in charge has lost his bonus *-) ................. Link to comment Share on other sites More sharing options...
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