The former Heath Lambert director who saw his pension slashed after the scheme fell into the Pension Protection Fund (PPF) has lost his appeal to the ombudsman.
But Paul Hughes, who would have had a £66,000 index-linked pension, has vowed to continue his fight along political channels.
“I won’t give up on this and there are other people in the same boat as me who I don’t think will ever give up either,” he said.