Employees who have lost their pensions following the wind-up of their company schemes may receive hardship payments from the Government as early as March after an apparent u-turn on the issue.

Alan Johnson, the work and pensions secretary, assured backbench MPs and unions leaders at a private meeting last week that people would be told in February what they would receive from the Financial Assistance Scheme. Payments are expected to begin soon afterwards.

However, Johnson emphasised that there would be no further government funding for the scheme. The £20m being paid next year will have to support an estimated 70,000 people who have lost their company pensions. He indicated that victims would only receive a percentage of the pension lost. He also said that younger victims, with time left to rebuild their savings, would be excluded.

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