" Strike threat in pension row at Aston Martin ", 14 December 2021

Union members at... Aston Martin are threatening strike action over changes to their company pension scheme.

Members of the Unite union have held a consultative ballot over potential industrial action which it said showed staff wanted to hold a full-scale strike vote in the new year to protect their pension plans.

The row centres on Aston Martin's proposals to switch those staff who are currently on its defined benefit scheme to a defined contribution pension from the end of January which is used by the majority of its workforce and new starters.

Unite quotes its own pension experts as saying the changes could cost some members up to £100,000 over the course of their retirements.

A consultation period between the company and affected staff is due to close on December 17 and Unite is calling for this to be extended, something it says has so far been declined by the manufacturer.

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Aston Martin said in a statement: "...Aston Martin has a duty to deliver financially sustainable pension arrangements for its circa 2,000 employees while managing its pension risks and underlying costs.

"Having completed a detailed review of its future pension arrangements and, in line with many other UK employers, it is proposing changes to its defined benefit scheme affecting circa 400 employees.

"Should these changes occur, Aston Martin has outlined an attractive transition arrangement - including a one-off cash payment and equity in the company.

"This is in addition to supporting the defined benefit pension scheme to meet the cost of pension benefits already earned.

"Aston Martin remains in direct communication with the affected employees and their representatives regarding these changes and is unable to comment further at this time.