Only £168 million, of the £1.5 billion pot, had been paid out by March 2012, rather than the expected £500 million.
By the end of March this year, some £577 million had been paid out to 407,000 policyholders, with a further 664,200 payments totalling £370 million due to be made by the time the scheme winds up in March 2014.
The committee has urged ministers, and the Government agency National Savings & Investment (NS&I) which operates the scheme, to bring forward the publicity campaign, the cross-party committee said it was "concerned" that some policyholders will miss out.
NS&I estimates it has already gone £4 million over budget.
More top news
Defending champions Arsenal squeezed into the FA Cup final despite a spirited fightback from Reading, who forced extra-time
A detective who led investigations into the Valley Parade fire tells ITV News there is "unequivocal" evidence the disaster was an accident.
Tonight will start off clear in many areas, but cloud will increase from the east overnight, bringing some light and patchy rain.