Stunell Supports Petition to Parliament by Federal Mogul Pension Fund Members
March 11, 2005 10:41 AM
A 5,000 name petition to Parliament aimed at saving pensions has been backed by Andrew Stunell MP.
The petition from employees and pensioners of the former Turner & Newall Pension Fund, now known as Federal Mogul, follows news of the company's crash, and the freezing of pension payments.
Since the freeze was announced in July last year, Mr Stunell has been working with other MPs to push for the best possible outcome for existing and future pensioners on the Federal Mogul Pension Fund.
Andrew Stunell MP said:
"The alarming collapse of the pension fund has affected many people in our area who work at Federal Mogul factories in Derbyshire and Manchester. The fear is not just that they may have lost their pension rights, sometimes after 40 years work at the same works, but that, due to a quirk in the rules they may not qualify for any of the compensation scheme."
Now MPs of all parties are working with the company and trade unions to build a rescue package.
Mr Stunell added:
"The petition is an important way of registering the significance of this problem, and the urgency of plugging the loophole."
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