More than 8,000 members of a works pension fear for their future after discovering their scheme, which has a £274m deficit, is to seek a bailout from the Pension Protection Fund.
The development raises wider concerns about the governance of company pensions - and the ability of the PPF to afford future bailouts.
The pension scheme belonged to Polestar, a decades-old printer with its headquarters in Dunstable, Bedfordshire, which produces magazines such as Hello!, Top Gear and Gardeners' World, according to the Daily Mail.
Applying for a bailout from the PPF will mean months of anxiety for members of the scheme.
A rescue would lead to a reduction in benefits for all, or almost all of them.
The scheme has been starved of cash for years, but the first big crunch came in 2006 when Polestar changed hands.
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