Ford Pension Scheme
The Ford Pension Scheme is a critical component of the retirement benefits offered to employees of Ford Motor Company in the UK. This comprehensive scheme primarily operates as a defined benefit plan, providing retirees with a pension that is calculated based on their final salary and length of service. This ensures that employees receive a stable and predictable income upon retirement, reflecting Ford’s commitment to the financial well-being of its workforce. The management of the Ford Pension Scheme emphasizes prudent investment and risk management strategies to secure the fund’s long-term viability and fulfill its commitments to current and future pensioners. Additionally, the scheme has adapted over the years to changes in the regulatory and economic landscape, striving to offer sustainable benefits while safeguarding the interests of its members. This proactive approach is fundamental in maintaining the financial security and retirement readiness of Ford’s diverse and dynamic employee base.
Did you transfer out of the Ford Pension Scheme or the Ford Pension Scheme for Senior Staff?
Some unscrupulous financial advisors have advised clients to transfer their defined benefit Ford Pension. The pension scheme at Ford Motor Company is given to all workers, providing them with a range of excellent benefits in comparison to personal pensions. The defined benefit scheme was replaced in 2004 with a defined contribution plan for those hired afterward.
There are several different reasons why someone may decide to transfer out of a pension like this. However, moving away from a secure scheme such as the Ford Pension Scheme and transferring to a personal pension or SIPP comes with lots of risks and these are not always sufficiently explained. Sadly, many people are now worse off than had they left the pension benefits in the Ford Pension Scheme.
The Financial Conduct Authority states that pension transfers should only ever be done after careful consideration and need to be assessed on an individual basis. We totally understand that being mis-sold can be an extremely stressful situation to find yourself in, but we are here to help you find out if you are eligible to make a claim for compensation.
Get in contact with one of our experts who can assess your case to determine what the next steps for you are. The fees we charge are very reasonable given that we do not rely on buying personal data or running a call centre. Best of all, you only need to pay these once you have received the compensation and you are happy with our service.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
