Swansea Building Society is offering savings support to Tata Steel employees affected by redundancy.
As part of their commitment to the local community, Swansea Building Society will be hosting ‘drop-in’ clinics at the steel works for staff impacted by the proposed redundancies, offering information regarding their range of savings accounts.
Swansea Building Society, an independent mutual Building Society established in 1923, provides mortgages and a range of straightforward savings accounts. Unlike many financial institutions, Swansea Building Society does not offer investment advice linked to the stock market or pensions.
Tata employees may be receiving redundancy funds and potentially a further 25% tax-free pension lump sum, depending on their age.
Representatives from Tata Steel visited Swansea Building Society’s branch on Portland Street in Swansea to meet managers and staff to discuss the planned support initiatives and how best to assist the Tata Steel employees.
Alun Williams, Chief Executive of Swansea Building Society, said:
“Our hearts go out to the employees of Tata Steel and their families during this period of uncertainty. As a local building society, we are committed to providing a safe and supportive environment for those navigating the financial implications of redundancy. Our ‘drop-in’ clinics are designed to offer assistance and peace of mind to those affected.”
Barrie Evans, Steelworker and Community Union representative, added:
“We are all really grateful for the empathy and support shown from all the team at Swansea Building Society during this very difficult and stressful period, not just for the Tata workforce, but also the contractors and the wider supply chain, during the transition to greener steelmaking in the UK. We would like to thank Swansea Building Society for the continued support and look forward to seeing you during the drop-in sessions at the Port Talbot site in the near future.”
