RPT-T&N pension fund faces 875-mln-sterling shortfall

Newswire

LONDON, July 22 (Reuters) - The administrator of UK materials firm Turner and Newall (T&N) said on Thursday its pension fund, which has about 40,000 members, faces a shortfall of around 875 million pounds ($1.6 billion) as its U.S. parent undergoes a major restructuring. Pension regulators have expressed concerns about the plight of the T&N fund as its U.S.-based parent, auto parts firm Federal-Mogul, undergoes a major business overhaul under the U.S. Chapter 11 bankruptcy process. ...

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