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 percent of an individual’s pension and 50 precent of the maximum tax-free cash. This will be available for its 8,500 active employees at the point of retirement.
XPS Pensions Group plc (LON:XPS) is a UK specialist in pensions actuarial, investment consulting and administration, providing a wide range of services to over 1,000 pension scheme clients. The XPS Pensions Group combines expertise, insight and technology to address the needs of both pension trustees and sponsoring companies. The Group has roughly 900 employees, of which approximately 90 per cent are client facing, with 15 offices providing the Group with access to staff, expertise and clients across the UK.