Tata steelworkers accept pensions deal

Today Tata steelworkers accepted a pensions deal that secured the future of the Port Talbot steelworks for the next five years, alongside a guarantee of no compulsory redundancies for the next five years. Tata also committed to invest £100m/year into its UK steel business for the next ten years. 
My response to the news is below:


Gill Furniss, Shadow Minister for Steel, Postal Services and Consumer Protection, in response to the news that Tata steelworkers have voted to accept Tata’s new pension scheme deal said:

“This was always going to be a tough decision, but we should recognise the fantastic work Trade Unions have done in getting the deal that has been accepted today. Thousands of steelworkers at Port Talbot now have job security for the next five years, and they deserve the certainty that today’s result brings.

“Steel is a vital foundation industry for the UK. That is why it is important that today we have got a way forward for the Port Talbot steelworks, and that is why Labour will keep pressing this Government to give the steel sector the support it deserves.

“That means not marking steel ‘low-priority’ in the Brexit negotiations, and not giving steel just one mention in the whole industrial strategy green paper. Actions matter, and this Government has done nothing to show it will actually support the UK steel industry.”


NOTES

  • Under the deal, the old pensions scheme for Tata steel workers would close, replaced with a reduced defined contribution scheme with maximum contributions of 10% from Tata and 6% from workers.
  • The deal includes keeping open two-blast furnaces at Port Talbot, and guaranteeing no compulsory redundancies for the next five years.
  • Tata will also invest £100m a year into its UK steel business for the next ten years.
  • Unite, GMB and Community jointly recommended their members accept the deal, with some reservations, calling it the "only credible and viable way" to secure the future.

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