Up to 40,000 current and former workers of car parts maker Turner & Newall may lose part of their pensions after the scheme was frozen by the administrators of its parent company Federal Mogul.
Employees at the firm's piston plant in Bradford will be some of the hardest hit as they are also facing redundancy. BBC News Online spoke to two of the workers affected.
Eric Peacock, 53, is being made redundant but had been looking forward to making the most of his early retirement and the prospect of withdrawing his pension.
Mr Peacock has worked at Federal Mogul's piston plant in Bradford, which makes parts for the automotive industry, for 38 years.
But he will now have to wait until he is 60 or possibly 65 to withdraw his pension. Alternatively, he will be forced to transfer his savings elsewhere at a substantial loss.
"We are just lost for words. I was within 24 hours of leaving the company with a pension, a lump sum and a monthly income. Now my plans have fallen flat."
All the work in Mr Peacock's plant is transferring to Turkey and Poland.
Nigel Foster, 51, is another employee facing redundancy.
Mr Foster was also planning on withdrawing his pension but will have to wait.
He says that 80 of those being made redundant at the plant are more than 50 years old - the age at which someone can start withdrawing an occupational pension.
They are currently taking part in "running down" the factory before it closes.
Mr Foster says he is angry because if they had left earlier they would have been given full access to their pensions.
"When you are leaving at this age (and there are other people who are a lot older), what chance have you got for another job? You might get another job stacking shelves in supermarkets, but that's it."
The government announced earlier in the year that it would put aside £400m to compensate people who have lost money from company pension schemes.
Mr Foster is doubtful of whether they will receive compensation.
"Basically, it's peanuts," he says.
"The £400m that they have put aside already has to cover 65,000 people. It's just too little too late."