NO CHANCE. That is the message to workers hoping for help after seeing the value of their pensions slashed by a Hampshire firm.

Union leaders emerged from crunch talks with company bosses in an angry mood after hitting a brick wall in their bid for assistance for those worst affected.

Seven union officials met with Sam Kirby, a director at American-owned APW Elect-ronics.

Also present at the meeting at the company's factory in Chandler's Ford were all five trustees who act as guardians of the pension fund.

But the face-to-face meeting failed to bring new hope for staff, according to union representatives.

Jennie Formby, district secretary for the Transport and General Workers' Union, said: "This is an appalling situation. Nothing has changed, and nothing will change."

Ms Formby, whose union represents 150 members of the 285-strong workforce at Chandler's Ford, said APW stressed in yesterday's meeting that it had "fulfilled its legal obligations" in the pension wind-up.

She added: "APW has said a legal decision has been made, and that's the end of it.

"We are absolutely furious about their casual attitude as regards the company's obligations to our members.

"Our members' futures have been taken away from them - they have had their savings stolen. What can be more important that their pensions?

"We feel that the company has shown contempt for the trade union and, more importantly, its members by refusing to consult or negotiate about what it was doing until it had a fait accompli."

Terry Edwards, the regional officer for Amicus, which represents more than 150 members at the factory, said APW was unable to offer hope for the worst-affected victims.

He said: "The company said that it was a closed deal. We will carry on fighting. We will now turn to the political avenue to see if our members can be protected.

"What is clear to me is that the whole concept has been run by the company, and the trustees have been fighting a rearguard battle."

A spokesman for APW, which said it was unable to meet the £1.5m a year needed to bridge the pension fund shortfall, said: "The company took the decision to wind up the pension scheme only after every alternative had been explored. We would challenge anyone who says we took the decision and its consequences lightly."

The trustees were unavailable for comment.

As extensively reported by the Daily Echo, APW wound up the final salary pension scheme, which had a shortfall of £55m, in a bid to save the company from going into administration.

That meant more than 1,000 active and deferred members lost up to 80 per cent of their pensions overnight. Someone expecting £10,000 a year will now only get £2,000.

The situation has been called a scandal by Hampshire MPs David Chidgey and Sandra Gidley. They are pushing for a meeting with victims and pensions minister Malcolm Wicks to close legal loopholes that allowed the pension fund to fold.