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Tata steelworkers vote to accept reforms to their pensions

Credit: Ben Wright/PA Wire

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:

  • Community
  • Turnout: 70.5%
  • Yes: 72.1%
  • No: 27.9%
  • Unite
  • Turnout: 69.2%
  • Yes: 75.6%
  • No: 24.3%
  • GMB
  • Turnout: 51.5%
  • Yes: 74.0%
  • No: 26.0%

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.

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Tata Steel workers to vote on new pension offer

Credit: PA

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.

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