3rd Sep 10
Alliance Boots hands over pension scheme
by Sally Davies
Alliance Boots, the pharmacy-giant with locations throughout Europe and Asia, has announced that it is handing over payment responsibility of one of its pension plans to a private insurance company. Roughly 3,000 pension payment plans, formerly payable through Alliance Unichem, will now be the responsibility of the Pension Insurance Corporation, and the firm said that the move will ensure that all the members of the scheme enjoy long-term security.
According to a statement issued by Alliance Boots, the company has provided additional funding in order to make this transfer of responsibility a success. The statement went on to say that the trustees have written to all members of the plan which explain the new insurance arrangements, and benefits received by members of the current scheme will remain unchanged.
Martin Hunter of Punter Southall said that the changeover will make pensions more secure for all the members of the pension plan. He went on to say that since the responsibility to pay the pension lies with a firm other than Alliance Boots, pensions will ultimately be paid, even if Alliance Boots become insolvent. Mr Hunter also said that insurance companies, since they must have capital reserves, are much less likely to go insolvent than other firms.
Our Stories
- SuperGroup issues profits warning
- Summer bookings boost for TUI Travel
- Consumers cut back in January following Christmas surge
- BT to introduce ultra-fast broadband
- Retail veteran warns of high street death spiral
- Tesco exec who sold shares moved from role
- Tesco market share slips
- UK consumer confidence recovers
- Gary Speed talked of suicide before death
- Tesco scraps carbon-label pledge
- UK university applicant numbers fall 8.7%
- Stelios blasts easyJet bonuses
Popular Topics
afghanistan al qaeda Apple ASDA bank of england barack obama BBC british airways china david cameron Debenhams Egypt facebook george osborne Google India ipad iphone ivory coast japan Libya London M&S Marks & Spencer Morrisons nhs North Korea Office for National Statistics pakistan protests russia sainsburys Sainsbury’s South Korea terrorism Tesco Tunisia UK UK retailers UK retail news UK shopping us Waitrose Wikileaks x factorArchive
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- January 2009
