Government 'rushes through' crackdown on rogue pension firms

New laws include a 'fit and proper' person test and minimum cash reserves for scheme operators

An elderly person holds cash
(Image credit: Matt Cardy/Getty Images)

Growing fears that millions of workers' savings might be at risk of fraud has "prompted the government to rush through tougher rules", says The Times.

Under new laws, set out in a pension scheme bill yesterday, those looking to set up a workplace pension scheme will be subject to a "fit and proper" person test and forced to hold minimum cash reserves, among other things.

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