The government's refusal to accept the findings of today's parliamentary ombudsman's report on pensions is an outrage, writes Deborah Hargreaves, the Guardian's business editor.
The ombudsman has asked ministers to pay compensation to about 85,000 people who have lost all or part of their pensions because their companies have gone bust. Many of these are vulnerable, elderly people who have saved for retirement with faith in their company scheme to provide for them. They were encouraged in the 1990s to opt out of the state second pension and put their savings into occupational schemes. Government advice assured them that these schemes were safe, even guaranteed, when they were anything but.
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