New Turner and Newall Crisis
Parent company pulls out of funding troubled Turner and Newall pension scheme
8th December 2004
Members of the crisis-stricken Turner & Newall pension scheme are set for further uncertainty after the firm's parent company pulled out of funding the scheme.
Federal-Mogul is under bankruptcy protection in the USA, and discussions with independant trustees of the pension have broken down, leading to fears that the scheme could be wound up.
The Turner and Newall pension fund is facing a £900m shortfall and the pensions of around 40,000 present and past workers are at risk.
Read More: Guardian Report
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