Group items tagged

The Pharmacists' Defence Association (PDA) is probing major concerns arising from Boots' communications to pharmacists regarding the company's recently announced pension arrangements. In November, Walgreens Boots Alliance (WBA), the parent company of Boots, transferred the Boots employees' pension scheme to the financial service provider Legal and General (L&G) in a £4.8 billion deal. Boots notified staff that terms allowing an unreduced pension from age 60 have ceased immediately, following its agreement with L&G. The PDA highlighted member concerns regarding Boots management's announcement that an unreduced pension from the age of 60 is a discretionary benefit and not guaranteed under the Boots Pension Scheme (BPS), contrary to some members' assumptions.

In significant development, the Pharmacists' Defence Association (PDA) has advised its Boots members to challenge the "trustees' decision to end the ability to take an unreduced pension from age 60 by submitting complaints through the scheme's two-stage internal disputes procedure". The issue centers around the alterations made to pension scheme rules without the adequate disclosure to scheme members or their representatives. The PDA has drafted template letters to assist scheme members in response to undisclosed changes during a buyout process, sparking legal challenges and demands for transparency from Boots and scheme trustees. Paul Moloney, National Officer of the PDA Union leading the campaign, expressed concern over the sudden withdrawal of the right to an unreduced pension from age 60. "We have always maintained that members had a right under the rules to draw an unreduced pension from age 60," Moloney stated.

Members of the Pharmacists' Defence Association (PDA) who have benefits in the Boots Pension Scheme have sought support from their union following the recent communications from the trustees about the removal of the option to retire at 60 without a reduced pension. The company claimed that retirement between 60-65 years old without a reduced pension was a discretionary benefit, and it has ended with the buy-in deal with Legal and General. However, PDA members believe there is insufficient evidence to fully support this claim, and therefore they are questioning whether this option should have been secured as part of the buy in and not ended with immediate effect. PDA Union national officer, Paul Moloney said: "Instead, we believe benefit statements issued to members, at the very least are contradictory, and clearly state that a full pension will be payable from a member's 60th birthday, with no reference to this benefit being discretionary and therefore subject to a regular review by the trustees. Instead, the benefit statements give the impression that an unreduced pension from 60 is a right with no indication that retirement plans should not be based on the benefit statements."