Savers in Nest flagship pension scheme to bear cost of £1.4m fraud - Telegraph

 Savers in Nest flagship pension scheme to bear cost of £1.4m fraud - Telegraph

In its annual report, published yesterday, Nest said the losses totalled £1,446,000.
The lost money did not come directly from savers’ pots, but Churchill admitted that ultimate losses, if no recoveries are made, will have to be passed onto savers in the form of increased costs of the scheme.
Nest, which was proposed by Labour in 2006 and established in legislation in 2008, is aimed at helping low earners save for retirement.
The scheme was established alongside “auto-enrolment”, the process by which employers are required to put staff into a pension arrangement unless they explicitly ask not to be.
So far almost 300,000 workers have enrolled with Nest, representing employees of over 400 businesses.