Workers at Airwave, the £2 billion police digital radio network, are hopeful about securing a deal with Macquarie, its new owner, to reinstate their “gold-plated” pension benefits.

The Communication Workers’ Union (CWU) had threatened industrial action over the “outrageous” decision by Macquarie to scrap the defined-benefit scheme for Airwave workers hours after it acquired the business from Telefónica.

However, it is understood that after informal talks between the two sides a settlement is now likely.

The defined-benefit scheme will not be reintroduced. But discussions are centring on a settlement that would ensure that the affected Airwave workers secure a deal as close as possible in value to what was already in place. Formal talks are scheduled to take place in the next couple of weeks.

The Australian bank announced this month that it had seen off competition for Airwave — a “push to talk” network used by all police forces in England, Scotland and Wales — with a knockout £1.9 billion deal.

The 270 of Airwave’s 750 staff on a defined-benefit pension scheme were informed immediately that they would be transferred, after six months of consultation, to a new defined-contribution plan.

Although the bank insisted that it had always been clear about the new pension arrangements, the CWU said that it had been misled.

Macquarie declined to comment.

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