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...

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