Supporting Tata Steel employees facing redundancies

Following the recent announcement of impending redundancies at Tata Steel in Port Talbot, our Society will be stepping forward to help support the affected employees. As part of our commitment to our local community, we will be hosting ‘drop-in’ clinics at the steel works for staff impacted by the proposed redundancies, offering information regarding our range of savings accounts.

As an independent mutual Building Society, established in 1923, we provide mortgages and a range of straightforward savings accounts. Unlike many financial institutions, our Society does not offer investment advice linked to the stock market or pensions. This position allows us to offer a ‘safe haven’ for Tata employees who may be receiving redundancy funds and potentially a further 25% tax-free pension lump sum, depending on their age.

To further solidify our commitment, representatives from Tata Steel visited our branch on Portland Street in Swansea on 17 July 2024. During this visit, they met with our managers and staff to discuss the planned support initiatives and how best to assist the Tata Steel employees.

Alun Williams, our Chief Executive, 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.”

We encourage all affected Tata Steel employees to take advantage of the ‘drop-in’ clinics. These sessions will provide a supportive space to discuss the use of the Society’s range of accounts as a safe and secure home for their savings.