The Government has agreed to pay £400m to those employees that have lost out because of their company pension scheme collapsing.
Andrew Smith, Secretary for the Department for Work and Pensions has confirmed that 60,000 people who have lost out will be helped. Whilst the payout only works out at just over £6,500 per head, the Government is hoping that the financial services industry will also help out and get this money (and more) paid over the next 20 years. Mr Smith said: "I am convinced that taking action is the right thing to do. It will also be a huge boost to wider confidence in pensions"