The company, which employs around 6,000 people on Wearside, confirmed earlier this year that it was entering into consultation with workers over plans to close its final salary pension scheme.
Around 1,500 workers at the plant would be affected if proposals to move them to an alternative pension plan were approved.
The Japanese car giant has carried out consultation on the proposals over the summer and says it has now reached an agreement with unions and employees.
The Echo understands the arrangement will see those affected offered a £10,000 payment, which can be taken as cash-in-hand or added to their pension fund.
Unite, Britain and Ireland’s largest union, said more than 700 members will vote on whether to accept a new defined contribution (DC) pension, following the closure of the defined benefit (DB) scheme.
It said that the new arrangements were the best deal achievable through intensive negotiations, given the many challenges facing the UK automotive industry, including Covid-19.
Hundreds of Unite members at Nissan will now consider the proposals at ‘surgeries’ on site and will vote on them in the next month. If accepted, the DC scheme will start on December 1.
A Nissan spokesman said: “We have worked closely with affected employees and their representatives to reach a final position that compensates our loyal and hard-working staff and which balances the long-term sustainability of our business.”
News of the planned changes sparked anger among affected workers and more than 100 joined representatives from Unite in holding a demonstration outside the plant in July – the first such rally since the plant opened in 1984.
Unite national officer for the automotive industries Steve Bush said: “This consultation has not been without its difficulties, taking into consideration the challenging climate for automotive manufacturing in the UK that predated the coronavirus crisis which itself has thrown up its own challenges.
“The company shifted its position during the negotiations and I believe this is the best deal achievable through consultation with management.
“More than 700 of our members will now be consulted through surgeries on site with Unite reps. A ballot of the members will then take place in the coming weeks on whether the company’s proposal is acceptable.”
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