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.
Unions say now Tata Steel workers have voted in favour of accepting pension reforms, it is time for the UK Government to do its bit.
The deal includes a two-blast furnace operation at Port Talbot and plans for no compulsory redundancies for the next five years.