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Comments: Many of the charity's staff were members of local authority pension schemes and the organisation had been hit with a demand for an estimated 5m to meet scheme deficits.
The charity's assets had been run down to 4m by having to subsidise service contracts.
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July 2004 Federal Mogul representatives say that the ongoing pension fund deficit is 300m, the winding up deficit is estimated to be 875m but that the fund is worth 998m and that the company has already offered to make a payment of 65m on top of its annual pension contributions of 7m i.e.
to continue its contribution rate of 11.4 per cent.
The independent trustee has turned down the company's initial offer, saying that the company will need to make additional contributions of 29m per annum for the next eight years and maintain its current maintenance contribution.
Glory Mill was taken over by the profitable German firm Felix Schoeller in 2002 - but the company wants to rid itself of the expensive final salary pension scheme.
The Glory Mill pension fund, which is on the verge of winding up, has a significant deficit, says Independent Trustee Services (ITS), which is overseeing the pension assets.
ITS has held out on the wind-up, waiting for the Government to change pension law.FSL went into members' voluntary liquidation and the directors swore a declaration of solvency in 2000 (Assets 40M).The pension scheme was then renamed and placed under a subsidiary FSIL which had been in operation since -1998.In 2002 the company ceased making contributions to the pension scheme and also put FSIL into members voluntary liquidation again swearing a declaration of solvency (Assets 3M).Comments: Could lose 70% or more of their entitlement as are linked with Federal Mogul owners of Turner and Newall whom they are claiming against.Federal Mogul owned Ferodo until 1998 when it was sold.Tags: Adult Dating, affair dating, sex dating