Dr Ros Altmann has accused the Government of making false claims over its pension compensation scheme.
The Financial Assistance Scheme (FAS), which is designed to compensate people who lost their pensions when their company collapsed prior to the creation of the Pension Protection Fund, was detailed by the Government yesterday.
Pensions Minister, Angela Eagle, released the latest set of regulations and payment details for the scheme.
However, pensions expert Altmann says there are a number of inaccuracies, including an incorrect claim the scheme guarantees victims will get back at least 90% of their pension.
"The Financial Assistance Scheme, which is of course very welcome and has made a significant difference to many victims' lives, pays only up to 90%, not at least 90%," she says.
"For almost all of the 150,000 victims the payments will actually be less than 90%."
Altmann says the DWP should be more honest about the scheme, as yesterday's statement was likely to mislead the media, Parliament and the public.
"It is bad enough that their pensions are reduced, but even worse to see the DWP trying to pretend they are getting at least 90%, when this is simply not the case," Altmann adds.
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.
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Alongside Barrett, Hopkins, Boston and Thorman on 17 October