UK Unions' decision recognises shortfall in pension fund: Tata

The UK trade unions' decision to suspended strike at Tata Steel plants in the country recognises the substantial shortfall in the pension fund and the need to jointly address it, the steel maker said.On June 19, unions-- Community, Unite, Ucatt and GMB -- suspended the strike scheduled for June 22 after a new pension offer from Tata Steel UK, which keeps British Steel Pension Scheme (BSPS) open. Earlier this week, they had temporarily suspended the industrial action at Tata Steel.

“We are pleased that a meeting of trade union delegates from Tata Steel sites across the UK today agreed to recommend to members a proposal which would enable UK employees to retain a modified final salary pension scheme,” a Tata Steel UK spokesperson said late on Friday.Trade unions representing workers of Tata Steel UK had announced strike action on June 22 -- the biggest industrial action in the UK in nearly three decades -- over the proposed changes in the firm's pension scheme. Over 17,000 people work at Tata Steel across sites in Wales and around England.