Settlement reached in Visteon pensions dispute

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

Deal struck over compensation for former Visteon workers

A compensation offer has been made to former workers at the Visteon car parts business in Swansea, whose pensions were affected when the company went into administration.

More: Unite says Visteon talks were 'lengthy but constructive'

The settlement, thought to be worth millions of pounds, was agreed between the Unite union and Ford, who owned the business before selling it ten years ago.

Former workers were in London today to hear the news.

Tom Sheldrick reports.

Unite: Visteon talks 'lengthy but constructive'

The Unite union described its talks with Ford as "lengthy but constructive".

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.

Details of the settlement are confidential and a private matter for those directly involved.

– Unite

More: Settlement reached over Visteon workers' pensions

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Settlement reached over Visteon workers' pensions

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

Former Visteon workers outside the Unite union offices in London this morning Credit: David Wood/ITV News

More: Swansea car parts workers demonstrate in London

Unite said it had concluded an agreement 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 factories in Swansea, Basildon, Essex, Enfield in north London and Belfast will be covered by the settlement.