Extra £250m for Turner and Newall Pension Fund
Turner and Newall's parent company pays £250m into pension scheme
27th September 2005
Members of the Turner & Newall pension scheme received a boost today as parent company Federal Mogul paid £250m into the frozen fund.
The fund faced a shortfall of £900m when T&N went into administration following huge asbestos liability claims against its parent company. The £250m injection comes following months of negotiation between Federal Mogul and the scheme trustees since the fund was frozen in July 2004.
Current and former workers at Turner & Newall faced losing up to 60% of their pensions as the extent of the fund deficit became clear, but the new injection will go some way to allaying those fears, and may even mean that the fund could be accepted into the government's pension protection fund, ensuring the full pensions would be paid.
Read More: BBC : £250m boost to T&N pension scheme
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