Plaid Cymru Assembly Member urges Tata workers to reject pension deal

Plaid Cymru AM Adam Price has urged Tata Steel workers across Wales to reject the pension deal which has been offered by the Mumbai-headquartered company.

Mr Price, the Plaid Cymru shadow cabinet secretary for Business, Economy and Finance told BBC Radio Wales’ Sunday Supplement programme the proposals laid on the table by Tata were “simply unacceptable” and weighted far too heavily towards the company.

“The economic climate that the steel industry faces in 2017 has been radically transformed.” said Mr Price.

The Assembly Member for Carmarthen East and Dinefwr added:

“The medium-term outlook has improved and profitability has returned to Port Talbot.

“In this context it is by no means a forgone conclusion that the Tata steel workers will accept the pension deal on offer to the workers in the union ballot later this month.”

“In my view the workers would be wise to ask the company to think again, and to come back to the table with a firm guarantee in terms of the employment pact and the investment,”

Tata bosses warned Labour AMs in December that failure by workers to approve the deal between the company and unions could leave the steel industry in Wales facing “dark times”.

“It is also inconceivable that such a large and powerful conglomerate should be allowed to walk away from its existing pension liabilities.

“If Tata is not prepared to do this, the company should be nationalised on a temporary basis and talks reopened with those firms that have been waiting in the wings to buy it.” said Mr Price.

The proposals announced by Tata Steel in December included a £1bn 10-year investment plan which would see blast furnaces at Port Talbot remain operational until at least 2021.

In return, Tata has demanded it’s workers make concessions on pay and terms, including agreeing to the closure of the final salary pension scheme to new contributions.

Unions will ballot members on the proposals later this month.