Former Visteon pensioners are celebrating after being told they have won their long running pension battle.
Visteon UK, which had a base in Fabian Way, Swansea, was created out of Ford in 2000 and pensioners argue they were given assurances their pensions would be protected.
However workers claimed they were losing up to 50 per cent of their pensions after Visteon went into administration five years ago.
Now the union Unite said it had concluded an agreement with Ford, which formerly owned Visteon.
Unite said in a statement: "Unite has concluded an agreement with Ford to make a settlement offer to eligible ex-Visteon employees who filed legal claims in connection with reductions in their pensions resulting from Visteon UK being put into administration in 2009.
"The settlement would avoid further expense for participants in the case and will settle the legal claims that these individuals have made against Ford.
"Unite and Ford have been involved in lengthy but constructive discussions to reach a position where a settlement has been offered."
Bethan Jenkins, AM for South Wales West, said: “This looks to be the beginning of the end of a long, long battle that these men and women have had to endure. It has been extremely tough for many of them, learning that the money they earned and had been put aside for them to rightfully enjoy in retirement was no longer there.
“I want to take this opportunity today to recognise their dogged determination in this fight. Even though it has been long, even though there were times when Ford’s intransigence seemed unshakeable, even when it seemed that the world wasn’t listening, they kept right on going – in fact, they just became more determined.
“From what I understand, this deal still has to be accepted, and that is solely for the workers to decide. So the details have got to be finalized. But, for today, let’s salute this remarkable and inspirational group of men and women. This day is about them.”
Over 100 former Visteon workers travelled to London to hear news of the announcement, which will now be discussed at a series of meetings before the agreement is finalised.