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| Version 1 | Version 2 |
|---|---|
| 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 1,200 people at four factories across the UK. | Visteon employed around 1,200 people at four factories across the UK. |
| The union Unite said it had concluded an agreement with Ford, which formerly owned Visteon. | The union Unite said it had concluded an agreement with Ford, which formerly owned Visteon. |
| The workers were employed at sites in Belfast, Enfield in north London, Basildon, Essex, and Swansea. | The workers were employed at sites in Belfast, Enfield in north London, Basildon, Essex, and Swansea. |
| After the firm went into administration workers staged protests and legal challenges to get enhanced redundancy terms. | 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. | However, the value of some workers' pensions fell by around 40% and legal action was started against Ford. |
| 'Constructive discussions' | '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 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." |
| Prime Minister David Cameron congratulated those involved in securing the deal, including a cross-party group of MPs and Unite. | |
| During Prime Minister's Questions, Mr Cameron said: "I wholeheartedly agree with you, this is a good development for pensioners and all those who have played a role and I think there are MPs on all sides of the House who have been involved with this and I think they are to be credited for the work they have done with Ford to make sure we get this justice." |