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Tata steelworkers have voted to accept reforms to their pensions, unions announced.
The consultative ballots on Tata Steel's proposal on pensions, jobs, investment and production closed at noon today.
All union members were asked if they accepted the proposal, and the results for each union are as follows:
- Turnout: 70.5%
- Yes: 72.1%
- No: 27.9%
- Turnout: 69.2%
- Yes: 75.6%
- No: 24.3%
- Turnout: 51.5%
- Yes: 74.0%
- No: 26.0%
"We now expect Tata to make good on their promises and deliver the investment plan for the whole of their steel business" Community Union
Leaders of the three unions recommended acceptance of the changes as the best that could be achieved through negotiation.
The changes include the introduction of a defined contribution (DC) pension scheme, with maximum employer contributions of 10%, following the closure of the British Steel Pension Scheme (BSPS) to future accrual.
Tata Steel workers are today expected to give their verdict on a new pension offer.
A ballot began two weeks ago. A deal could mean reduced pension benefits for staff in exchange for job security.
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Innovation and entrepreneurship are vital drivers for the economy and I want to continue to create the best environment for entrepreneurs across Wales and will be using the pilot to inform my future economic priorities.
The importance of providing space, community and support for aspiring entrepreneurs is key to success and I am keen to build on and complement the existing infrastructure across Wales.
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A ballot on a new pension offer will be put to Tata Steel workers from today.
All unions and officials have agreed to fully endorse the proposal which includes a £1bn investment over 10 years.
The deal includes a two-blast furnace operation at Port Talbot and plans for no compulsory redundancies for the next five years.
But the current pension scheme will be terminated as part of the deal in return.