A report has condemned ministers as being ‘naive’ or ‘misleading’ over the collapse of a number of retirement schemes.

An all-party group of MPs claims that ministers have let down the thousands of people who lost the savings they had built up for retirement when their company pension schemes collapsed.

They say that ministers should be held to account, and not permitted to abandon the victims who have lost significant amounts of money. The group believes those effected are due compensation.

The Government’s refusal to help - despite a ruling from the Parliamentary Ombudsman that it was guilty of maladministration in failing to warn workers properly about the risks involved in the schemes - has only caused those who lost out ‘further distress’, according to a hard-hitting report from the Commons public administration select committee.

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