Currently it is possible to retire between 55 and 60 with transitional pay until 63 and after that company and state pension. Average retirement age currently is 59. The company wants to dissolve the employee paid transitional pay fund and give it in a special dividend to its shareholders.
The union side of it all is explained
here.
Sadly, at the moment the lookout isn't good. The management officially told the press last week they will not offer any better agreement and will not fold to further strike action and therefore warns its customers that further industrial action is very likely for the foreseeable future.