Hundreds of former Visteon workers in Swansea have fought a long campaign for compensation, after their pensions fell by up to 40 per cent when the car parts company went into administration in 2009.
- The Swansea plant opened back in the 1960s
- It was run by Ford until 2000 - when workers transferred to Visteon
- Visteon went into administration in 2009, with workers losing up to 40% of their pensions
- Ford said it was not responsible, and, in 2011, campaigners began legal proceedings in the High Court
- In April 2014, Ford made a compensation offer to the Unite Union
- Now, workers have voted to accept the settlement offer
Former Swansea workers have fought for their pensions alongside those from Basildon, Enfield and Belfast.
The Unite union today said "the settlement offer received overwhelming support from all eligible ex-Visteon workers who took the decision to be a party to the legal action."
Former workers at the Visteon car parts factory in Swansea, whose pensions were hit when the company went into administration, have agreed a compensation deal with motoring giant Ford.
In April, Ford - which used to run the plant at Swansea and several others in England - made a multi-million pound offer to workers, and the Unite union confirmed today that workers have accepted the offer.
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.
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.
The Unite union described its talks with Ford as "lengthy but constructive".
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.
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.
MPs will hold a debate later today over car manufacturer Ford's moral duty to former Visteon workers who lost their pensions when their employer went into administration.
Visteon UK went into administration in 2009 with 3,000 workers losing their jobs. The majority of workers transferred to Visteon from Ford and were promised their terms and conditions would be protected.
Following a long campaign and several sit-ins, a fair redundancy settlement was reached, but the workers lost 45% of their pension entitlement.
Large numbers of pensioners from the four ex Ford / Visteon sites in Swansea, Belfast, Basildon and Enfield will attend the debate.
Unite national officer Roger Maddison said:
'Ford has a legal and moral obligation to the thousands of ex-employees who paid into its pension scheme all their working lives. We believe the government should be putting pressure on Ford to pay up.'
Visteon workers, including hundreds from Swansea, have been fighting for better pensions since the car parts manufacturer went into administration in 2009.
Today's petition presentation is the latest in a long line of attempts to fight for some of the money workers say they are owed.
About 200 former workers from Visteon in Swansea, who claim they lost out on their pensions, are handing in a petition to Downing Street today. A High Court hearing is due to take place in May involving all former Visteon car parts workers.
Visteon took over Ford's operations in 2000, and workers were transferred into the new organisation. The firm then went into administration in 2009 and employees claim they lost significant amounts of money. Some say as much as 40% of the expected value of their retirement pensions was lost.
Workers say Ford should have given their pensions greater protections, but the company says is was not their responsibility once Visteon was created. Ford has previously said that it views the claim as being without merit, and will defend its position vigorously.