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Visteon workers: Deal agreed on pensions compensation Visteon workers: Deal agreed on pensions compensation
(35 minutes later)
A deal has been reached to offer compensation to former Visteon workers who saw the value of their pensions slashed when the car parts firm went bust in 2009.A deal has been reached to offer compensation to former Visteon workers who saw the value of their pensions slashed when the car parts firm went bust in 2009.
Visteon employed around 200 people at its plant in west Belfast. Visteon employed around 1,200 people at four factories across the UK.
Workers staged a successful sit-in protest for enhanced redundancy terms, but the value of some workers' pensions fell by around 40%. The union Unite said it had concluded an agreement with Ford, which formerly owned Visteon.
Legal action was started against Ford, which formerly owned Visteon. The workers were employed at sites in Belfast, Enfield in north London, Basildon, Essex, and Swansea.
Their union, Unite, said it had concluded an agreement with Ford and is understood that around 1,200 ex-workers from factories in Basildon, Essex, Enfield in north London, Belfast and Swansea, will be covered by the settlement. After the firm went into administration workers staged protests and legal challenges to get enhanced redundancy terms.
However, the value of some workers' pensions fell by around 40% and legal action was started against Ford.
'Constructive discussions'
Unite said it had concluded an agreement with Ford and is understood that around 1,200 ex-workers will be covered by the settlement.
Unite said in a statement: "Unite has concluded an agreement with Ford to make a settlement offer to eligible ex-Visteon employees who filed legal claims in connection with reductions in their pensions resulting from Visteon UK being put into administration in 2009.Unite said in a statement: "Unite has concluded an agreement with Ford to make a settlement offer to eligible ex-Visteon employees who filed legal claims in connection with reductions in their pensions resulting from Visteon UK being put into administration in 2009.
"The settlement would avoid further expense for participants in the case and will settle the legal claims that these individuals have made against Ford."The settlement would avoid further expense for participants in the case and will settle the legal claims that these individuals have made against Ford.
"Unite and Ford have been involved in lengthy but constructive discussions to reach a position where a settlement has been offered.""Unite and Ford have been involved in lengthy but constructive discussions to reach a position where a settlement has been offered."
During prime minister's questions in the House of Commons, David Cameron said the deal was a good development for pensioners.