Earlier this year the government announced it would pay out ’80 per cent’ of the value of company pensions lost when schemes failed.

However Ms Altman says the percentages quoted are of an “invented core pension” and far less than what people have paid for.

“The reality … is that thousands are still totally excluded from the FAS and many of the victims who are years past their retirement age have still not had anything at all,” she said.

She called for Mr Brown to make it clear what he means and also explain why the Department of Work and Pensions review into scheme assets has been put back.

The government has said workplace pensions will be improved by the introduction of the new pensions bill, which includes automatic enrolment and compulsory employer contributions.

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