Defined Benefit  

Regulators warn Aston Martin workers as DB scheme set to close

A spokesperson for Aston Martin said: “As a responsible employer, Aston Martin has a duty to deliver financially sustainable pension arrangements for its circa 2,000 employees, while managing its pension risks and underlying costs.

“Having completed a detailed review of its future pension arrangements, and in line with many other UK employers, it is proposing changes to its DB scheme affecting circa 400 employees.

“Should these changes occur, Aston Martin has outlined an attractive transition arrangement, including a one-off cash payment and equity in the company. This is in addition to supporting the DB pension scheme to meet the cost of pension benefits already earned,” the spokesperson continued.

“Aston Martin remains in direct communication with the affected employees, and their representatives, regarding these changes and is unable to comment further at this time.”

The consultation period with members is due to end on December 17, although Unite has called for it to be extended.

amy.austin@ft.com, additional reporting by Tom Higgins, a reporter at FTAdviser's sister publication Pensions Expert