As part of the Group’s ongoing efforts to ensure long term security of accrued benefits for its defined benefit pension funds, Alliance Boots confirms today that the Trustees of the Alliance UniChem UK Group Pension Scheme have insured its members’ past service benefits for future payment with Pension Insurance Corporation (“PIC”).
This is the smaller of the Group's principal UK pension schemes and Alliance Boots has provided additional funding to enable this to take place. 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 have been secured, the Alliance UniChem UK Scheme Trust will be dissolved.
Alliance Boots continues to work with the trustees of its other pension schemes to ensure that members' pension obligations continue to be suitably funded and secured.
Alliance Boots is a leading international pharmacy-led health and beauty group offering a wide range of products and services to our customers working in close partnership with manufacturers and pharmacists. Our two core business activities are pharmacy-led health and beauty retailing and pharmaceutical wholesaling. Alliance Boots is privately-owned and employs over 115,000* people. Its wholesale and distribution network serves over 150,000* pharmacies, doctors, health centres and hospitals from over 360* pharmaceutical wholesale distribution centres in 16* countries. We operate more than 3,250* health and beauty retail stores in nine* countries, of which just under 3,150* have a pharmacy.
* Figures stated are as at 31 March 2010, are approximate and include associates and joint ventures.
Pension Insurance Corporation (“PIC”) is part of Pension Corporation, a leading provider of risk management solutions to the trustees and sponsors of defined benefit pension funds. Pension Corporation oversees pension fund liabilities of around £4 billion and has insured c. 50,000 pension fund members. Its insurance company, PIC, is authorised and regulated by the Financial Services Authority (FSA).
For further information, please contact:
Yves Romestan / Zoe Farthing / Sanam Conway, Alliance Boots
Tel: +44 (0) 1932 871569
James Murgatroyd / Anjali Unnikrishnan, Finsbury
Tel: +44 (0) 20 7251 3801