UK - Scheme members who lost their pensions when their firms collapsed want the parliamentary ombudsman to investigate the Financial Services Authority.
The government has set up a £400m fund to compensate wind-up victims but this will only apply to members of schemes which have insolvent employers.
But the Pensions Action Group said members were encouraged to save in occupational schemes and told by successive governments their pensions were protected, without ever being warned of the risks.
The PAG will ask the ombudsman to investigate paying full compensation to victims, regardless of whether their employer was solvent at the time the wind-up started. Former government adviser Ros Altmann said: “The government and its agencies gave misleading advice. The fact that not all members who have suffered losses will be included in the assistance scheme means the remedy is inadequate.”
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