The number of workers left without retirement income because of company pension schemes being wound up threatens to double unless the £1bn Turner & Newell scheme is saved, warns shadow work and pensions secretary David Willetts.
The Daily Telegraph says he has written to work and pensions secretary Andrew Smith, urging him to take action to ensure trustee Alexander Forbes does not decide to close the scheme, potentially adding another 40,000 people to the 65,000 who have already seen their occupational savings vanish. T&N’s US parent Federal Mogul is currently in bankruptcy proceedings, sparked by a massive litigation suit stemming from damages linked to asbestos. STAYING ON THE ISSUE of pensions, The Telegraph also notes the Opposition has criticised the news that staff and directors of the proposed Pension ...
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