Ford set to offer partial transfer option to members

Available to 8,500 employees

Kim Kaveh
clock • 2 min read

Motoring giant Ford has agreed to offer members of its UK defined benefit (DB) scheme the right to partially transfer their pension.

The £12.9bn Ford pension scheme will implement a 50% cash equivalent transfer value, based on 50% of an individual's pension and 50% of the maximum tax-free cash. This will be available for its 8,500 active employees at the point of retirement. The company said it was introducing this option partly due to Freedom and Choice, with a spokesperson noting the company was "very aware" that the option for employees to take the full value of their pension as a cash lump sum was a "big change" to UK pensions. According to a Lane Clark and Peacock (LCP) and Royal London report unveiled last ye...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read
SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read
Pension dashboard operators join forces to push project forward

Pension dashboard operators join forces to push project forward

Coalition aims to bring 'dashboards to consumers as early as possible'

Jasmine Urquhart
clock 25 March 2024 • 2 min read