Alliance Boots has outsourced multi-million-pound pension liabilities to the Pension Insurance Corporation (PIC) as part of efforts to ensure the long-term security of benefits accrued in its final salary scheme.
As part of the buy-out arrangement the trustees of the Alliance UniChem UK group pension scheme, which has around 3,000 members, have insured past service benefits for future payments.
A statement provided by Alliance Boots read: “The trustees have written to all members to explain the insurance arrangements, including the subsequent issue of individual insurance policies. Members’ benefits are otherwise unaffected and when all has been secured, the Alliance UniChem UK scheme trust will be dissolved.”
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