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Tata Steel workers agree to accept new pensions offer

Tata Steel workers have agreed to accept the pensions offer from the company. Around 75% of union members agreed to the deal, which includes a £1bn investment over 10 years, a two-blast furnace operation at Port Talbot and plans for no compulsory redundancies for the next five years.

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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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