BBC Radio 4's Money Box was broadcast on Saturday, 10 July, 2004, at 1204 BST.
The programme was repeated on Sunday, 11 July, 2004 at 2102 BST
Fears have been raised about the pensions paid or promised to 40,000 people who have worked for engineering company Turner & Newall.
The company has been in administration for nearly three years after asbestos claims drove its American owners, Federal-Mogul, to the brink of collapse.
The UK pension fund has assets of around £1.2 billion. But that will not be enough to pay full pensions to 21,000 retired employees and nearly 20,000 other members who are not yet retired.
Although the fund has enough money to meet the government's minimum requirements, Money Box has learned it may be £250 million short if it had to meet all its pension promises.
We heard from a former worker, and spoke to pensions expert Ros Altmann about the future of the fund.
Producer: Chris A'Court
Presenter: Paul Lewis
Web Producer: Nathalie Knowles
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