Two Ford pension schemes, the Ford Hourly Paid Contributory Pension Fund and the Ford Salaried Contributory Pension Fund, have completed buy-ins totalling £4.6bn with Legal & General (L&G), securing the benefits of more than 35,000 retirees.

The buy-ins were completed as part of one combined transaction and represent the largest UK pension risk transfer announced in 2025 and L&G’s second-largest buy-in by premium size to date.

Ahead of the transaction, the trustees worked with Aon and Ford’s in-house investment management team to align the schemes’ investment strategies with insurer portfolios.

L&G offered a price lock linked to the funds’ assets, ensuring price certainty during contract finalisation. The premiums were paid by the trustees via in-specie asset transfers, minimising transaction costs.

Chair of trustees, Jonathan Wood, said the trustees are “delighted” to have achieved this “significant” further de-risking milestone, providing “even greater security” for its members.

“The outcome achieved is testament to the commitment and dedication shown over many years by the trustees and Ford to support the funds, as well as the skill and expertise of our advisers,” he continued.

“We are delighted to extend our long-standing partnership with L&G through the buy-in for the funds and look forward to working together to continue to support our members.”

L&G institutional retirement CEO, Andrew Kail, added: “At the heart of our approach is a strong focus on customer service and member experience, and we look forward to supporting the scheme members through their retirement.”

He emphasised that the transaction was a “great example” of all parties working together to deliver a positive outcome for the trustees and sponsor, while securing the retirement benefits of tens of thousands of members.

Aon partner, Hannah Brinton, highlighted that the transaction underscores the continued availability of “highly attractive” de-risking opportunities for large, well-prepared schemes, as well as the scope to negotiate bespoke terms to meet specific requirements.

“Effective and nimble decision making, as well as many months of detailed preparation, including readying the asset portfolio within the existing investment structure, ultimately enabled the trustees to capture market opportunities and to secure an exceptional outcome for members,” she said.

The trustees were advised by Aon as lead transaction adviser and Mayer Brown as lead legal adviser.

Additional legal advice was provided to the trustees by Hogan Lovells, while Aptia provided administration support. Slaughter and May provided legal advice to L&G.

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