Strike over Tata Steel’s pension closure?
Industrial action by four unions is expected to take place on the eve of the general election — 6 May — over Tata Steel’s pension closure proposal.
The steel unions — Community, GMB, Unite, and UCATT — are set to take action after Tata initiated a 60-day statutory consultation period with scheme members on a proposal to close the British Steel Pension Scheme to future accruals for existing members.
Roy Rickhuss, chair of the National Trade Union Steel Co-ordinating Committee and general secretary of Community, said “Tata Steel Europe management have not taken up the unions’ offer to re-enter discussions about the pension scheme. Our members are determined to stand up for their pension and therefore we have no option but to proceed to an industrial action ballot in May.”
As of December 2014, the British Steel Pension Scheme had 143,000 members, with 17,004 making up employee members and 91,264 making up pensioner members. As of November 2014, the assets of the scheme were valued at around £13.6 billion and have continued to increase.