The National Employment Savings Trust Corporation (Nest) was the victim of a £1.4m “mandate" fraud after payments were fraudulently diverted to suppliers, according to a report by the National Audit Office (NAO).
The NAO qualified its opinion of the corporation’s accounts for 2012-13 because of the fraud.
Nest Corporation is the trustee of the Nest occupational pension scheme which is run on a not-for-profit basis, and ensures that all employers have access to suitable, low-charge pension provision to meet their new duty to enrol all eligible workers into a workplace pension automatically.
The fraud led to a “material loss” of public funds, Amyas Morse, comptroller and auditor general said in his report. The fraud occurred because...