With the recent announcement of job losses at Tata Steel in Port Talbot, Swansea Building Society is providing support to those impacted. As part of their dedication to the community, the Society will hold ‘drop-in’ clinics at the steelworks, offering details on their savings account options to the affected staff.

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. This position allows them 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 their commitment, representatives from Tata Steel visited Swansea Building Society’s branch on Portland Street in Swansea on 17 July 2024. During this visit, they met with 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.”

Swansea Building Society encourages 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.