Millions agreed for pensions compensation

A settlement worth millions of pounds has been agreed for former workers at car parts firm Visteon who saw the value of their pensions slashed when the company went into administration.

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Settlement worth millions in Visteon dispute

Visteon workers protest Credit: ITV News Anglia

A settlement worth millions of pounds has been agreed for former workers at car parts firm Visteon who saw the value of their pensions slashed when the company went into administration.

Unite said workers had overwhelmingly supported the deal, bringing to an end years of campaigning and legal moves.

Around 1,200 workers were involved in the campaign after they lost up to 40% of the value of their pensions.

Visteon, which was sold by car giant Ford, went into administration in 2009, with workers losing their jobs in Basildon.

Howard Beckett, Unite's director of legal services, said: "This settlement is worth millions for eligible former Visteon workers who lost part of their pensions.

"The union was prepared to spend millions and campaign for years in order to reach a fair settlement with Ford on behalf of its members

Essex: Visteon pensions settlement finally reached

The Visteon factory at Basildon has been the scene of several protests since it closed. Credit: ITV News Anglia

A settlement has been reached to offer compensation to former workers at Visteon in Essex, five years after the car parts company went into administration, hitting employees' pensions.

The Visteon factory at Basildon has been the scene of several protests since it closed.

Today Unite said it had agreed a deal with Ford, which sold off the car parts business to Visteon over a decade ago.

It is understood that around 1,200 ex-workers from four factories, including the one in Basildon, will be covered by the settlement.

Former Visteon worker Dennis Varney.

"We've been fighting for five years now for this campaign to be over," Former Visteon worker Dennis Varney said.

"We were ready to see it run right through to the courts, but the offer is welcome. We don't know the details yet, but it will please many people I'm sure."

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