THOUSANDS of savers who lost their pensions when their companies went bust could get top-up compensation payments by the summer, the government announced last week.

Labour announced in December that the Financial Assistance Scheme, set up to help people whose pensions were wound up, would pay 90% of their expected benefits, up from 80% previously.

However, campaigners said there are still holes in the scheme. It does not pay out until the age of 65 and there were fears that many people would not get the additional payouts for months.

Mike O’Brien, the pensions minister, said last week he would fast-track measures to increase payments. He said: “Our aim will be to ensure that all existing cases are reassessed and paid arrears by the end of August.”

You can contact the FAS unit for more information on 0845 6019941.