The Ford Pension Scheme for Senior Staff has agreed a £340m ($450m) partial scheme buy-in with insurer Scottish Widows.
This deal still leaves significant pension liabilities on the table for the US auto manufacturer which has more than 120 schemes spread across 36 different countries.
Edinburgh-based Scottish Widows has been an active player in the UK pension de-risking market in 2022.
In June it struck a $650m deal with the pension scheme of high end retailer Harrods, while in the same month it took on $200m worth of pension liabilities from fellow insurer Aegon UK as part of a broader trend of schemes looking to benefit from more favourable pricing as interest rates rise..
Actuarial consultants Aon was the lead adviser on the deal, while Mayer Brown and Hogan Lovells gave legal advice to the trustee. Independent professional trustee support was provided by PAN Trustees UK.
Scottish Widows was advised by law firm Eversheds Sutherland.