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Tata Steel: Result of union ballot on pensions offer due Tata Steel: Union workers back new pension plan
(about 9 hours later)
The result of a ballot of thousands of Tata Steel workers is expected later. Thousands of Tata steelworkers have overwhelmingly backed a deal on the future of their pensions.
Members have been asked whether they accept moving from a final salary pension to a less generous scheme, with the ballot closing at midday. They were asked whether they would accept moving from a final salary pension to a less generous scheme.
Tata's offer includes a £1bn investment commitment at Port Talbot and no compulsory job losses. Members of three unions at sites in Wales, Scotland, South Yorkshire and Teesside all supported the new proposals.
The three unions at the Indian company's UK plants are recommending their members, including 6,300 Tata workers in Wales, accept the deal. Tata's offer included a £1bn investment commitment at Port Talbot and no compulsory job losses.
They called it the "only credible and viable way" to secure the future. The three unions at the Indian company's UK plants had recommended that their members, including 6,300 Tata workers in Wales, accepted the deal.
Under the proposed changes, the British Steel Pension Scheme would close to future accrual, replaced with a defined contribution scheme with maximum contributions of 10% from Tata and 6% from workers. "This result provides a mandate from our members to move forward in our discussions with Tata and find a sustainable solution for the British Steel Pension Scheme," Roy Rickhuss, the general secretary of Community union, said.
Its members backed the new deal by 72% in favour compared to 28% against, with a turnout on the vote of more than 70%.
Tony Brady, Unite's national officer, said Tata must now honour its commitments on investment.
"Nothing less would be a betrayal and add to the deep mistrust that steelworkers now have for the company," he said.
His members supported the pension offer with 76% voting in favour, while GMB union steelworkers also voted in favour by 74%.
"Now that steelworkers have done their bit, it is time for the government to step up and do theirs," David Hulse from the GMB added.
Under the proposed changes, the British Steel Pension Scheme will close to future accrual, replaced with a defined contribution scheme with maximum contributions of 10% from Tata and 6% from workers.
It also emerged a one-off pension contribution of up to £10,000 could be made to Tata workers in their 50s who plan to retire early.It also emerged a one-off pension contribution of up to £10,000 could be made to Tata workers in their 50s who plan to retire early.
If the ballot is backed by workers, it would bring an end to almost a year of uncertainty for thousands of workers who faced losing their jobs when Tata's UK business was put up for sale in March 2016. It is hoped the vote will now bring an end to almost a year of uncertainty for thousands of workers who faced losing their jobs when Tata's UK business was put up for sale in March 2016.
Wales' First Minister Carwyn Jones said the vote was a "significant step forward in securing a sustainable future for Tata's UK business" after what had been "a difficult decision for the trade unions and their members".
He added: "We continue to work closely with Tata to implement our significant financial support package in order to maintain steel jobs and production at all the Tata sites in Wales.
"We also repeat our calls for the UK government to urgently tackle the UK's high energy costs and continue to push for greater recognition of the steel industry in their new Industrial Strategy."
Aberavon MP Stephen Kinnock said: "Today marks the beginning of a new chapter for the British steel industry.
"This is not just about a job or an industry but about a way of life. The Port Talbot steelworks is the beating heart of our economy and community."
He also called on Tata to uphold its pledge to retain the two blast furnaces in Port Talbot.
Carl Sargeant, AM for Alyn and Deeside, said it was "good news".
"Locally I will continue to do everything I can to ensure the profitable and successful Tata Shotton plant, its management and workers are supported," he said.
A UK government spokesman said the "positive step" was "testament to the commitment of its workforce that they are willing to work so constructively with the owners to secure the future of the plant".