UK - Trade union Amicus has warned staff at engineering firm Airflow Streamlines that they may not get a pension.
The company went into administration at the start of the year and Amicus claims the £287m final salary Airflow Streamlines Pensions & Life Assurance Scheme is underfunded.
The scheme has 650 active and 360 deferred members.
The Amalgamated Engineering and Electrical Union, which is part of Amicus, said it was appalling that the scheme had been underfunded for so long.
A spokesman said there had been a lack of support from the company since accounting giant PricewaterhouseCoopers had been called in as administrator in January.
PwC says it is working with staff and the union to ensure that workers get a fair deal.
Partner Rob Hunt said: “In 2003, the group faced a reduction in volumes and delays in new product launches with the result that it incurred significant trading losses. These losses have led to increasing cashflow difficulties, particularly in the last few months but we expect to keep on trading and working to sorting out the group and its pension.”
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.