The government has been warned that the new Pensions Bill will fail to tackle the real issues facing the country.

The publication of the bill yesterday was met with what the FT describes as a "chorus of criticism".

Critics say that the new funds, meant to protect pension funds when firms go to the wall, will not offer the safeguards initially thought.

It will fail to help 60,000 people who have seen their funds wiped out.

Business also expressed reservations about the way the protection fund will work.