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Strikers win rethink by Caparo on pensions

The first UK workers to strike after their final-salary scheme was threatened have won their battle to keep their pension intact, with their employers reinstating the scheme.

Steelworkers at the Welsh Caparo Steel Group, owned by Labour peer Lord Paul, started a series of one-day strikes after the company threatened to downgrade its finalsalary scheme.

The strikes by members of the ISTC union mean the finalsalary scheme, which was closed to all members in June, will be reopened to existing members on improved terms.

The scheme will remain closed to new members.

The strikes come days after the end of the Trades Unions Congress&#39 annual conference in Blackpool, where general secretary John Monks declared he is a “militant” on pensions and predicted further industrial strife over the issue.

ISTC general secretary Michael Leahy says: “The agreement with Caparo will deliver pensions to our members who were in the final-salary scheme equivalent to that which they would have received previously.

“The ISTC believes that final-salary pensions have been one of the great success stories for providing security in retirement. Should any other ISTC members&#39 finalsalary scheme be threatened, we will offer them the same support we gave our members at Caparo.”

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