Sue and Gordon MacPherson

Teed off - Gordon and Sue had no idea their pension was in trouble

Sue and Gordon MacPherson are a real Allied Steel and Wire family.

Both of them have clocked up more than 15 years service within the firm.

Gordon spent 14 years working as a storeman, while Sue had clocked up 18 years in the IT department. They were both contributing to the company's Final Salary Scheme pension.

The couple are both keen golfers and were hoping to use the money from their pension to fund their hobby in retirement.

But now they face the prospect of being left with next to nothing. They have money saved up, but not enough to live on.

The decision to use the ASW scheme was not taken lightly. Sue says she was told by a financial advisor that the pension scheme was one of the best in south Wales.

As far as Sue was concerned there was no warning that things were so bad.

She wasn't worried by the downturn in the stock market, saying: "We had the Trustees Report to Members, for the ASW Pension Plan, and I read all the documents that they send me. It actually says here that nearly half of the Assets of the Plan are in Bonds rather than the Stock Market.

"So I thought well, they are obviously looking after the Pension Fund, so, there is no need to worry."