Michelin has decided to close its final salary pension scheme and transfer members to a ‘less favourable’ one, according to the Transport and General Workers Union.

The decision has caused anger among Michelin’s thousands of UK workers. The Transport and General Workers Union said it was dismayed and concerned by Michelin’s decision.

The French tyre manufacturer blamed a sizeable funding deficit as we as the assertion that people are living longer behind the closure of its final salary scheme.

Rob Taylor, T&G convenor at Michelin’s Stoke plant, said over four thousand people across the UK will be affected including those employed at ATS service outlets.

“This looks like a fait accompli by Michelin which throws the retirement plans of over three thousand people into chaos.

“We will go into the consultation with our eyes open and we’ll call for meaningful talks and serious consideration of alternatives but our fear is the company has made its mind up,” said Taylor.