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Latest News

Steel firm staff secure new pension deal

by Personnel Today 20 Sep 2002
by Personnel Today 20 Sep 2002

Staff
at Caparo Steel Group have won Britain’s first strike in defence of final
salary pensions.

Employers
and staff agreed a deal last Friday. The ISTC steel union said the new final
salary scheme was "worth just as much" as the one that had been
closed to existing members in June.

Caparo
had tried to change the pension plan to a less valuable stakeholder scheme.
Later, the offer was changed to include a less generous final salary scheme.

The
company said it needed to change the scheme due to stiff competition in the
steel market.

ISTC
members staged five one-day strikes at weekly intervals in defence of the
scheme – the first strikes in the company’s history.

Michael
Leahy, general secretary of ISTC, said: "Final salary pensions have been
one of the great success stories for providing security in retirement."

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The
Caparo scheme remains closed to new members despite the new deal.

By Quentin Reade

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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Personnel Today
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