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Workers strike over scheme

The growing trend of workers taking industrial action in their fight to defend final-salary schemes has spread to Birmingham, where workers at the Yuasa Automotive Batteries (Europe) plant walked out this week.

The strike came after a decision by the firm&#39s management to close its final-salary scheme to existing members. The scheme was closed to new entrants in 1994. The Transport & General Workers Union says 89 per cent of employees voted for the series of weekly one-day strikes.

Last month, steelworkers at the Caparo plant in Wrexham went on strike to protect final-salary pension rights.

T&GWU regional director Eric McDonald says: “Our members have given the company many years of loyal service, paying into a pension scheme that they will rely on in their retirement. Their loyalty has been totally disregarded by this announcement and we will do everything to see it is reinstated.”

Bates Investment Services head of pensions James Jones-Tinsley says: “People are becoming more pension-literate. They now know the potential value of these schemes.”

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