The Pensions Ombudsman has begun an investigation into the decision by the Trustees of Boots Pension Scheme to remove members' option to retire on an unreduced pension at age 60.
According to the Pharmacists' Defence Association (PDA), the ombudsman has decided to take a ‘lead case’ approach, as several members have been affected by the issue.
The lead case is being supported by the PDA, and the parties agree that it covers core issues identified in the many unresolved complaints.
In 2023, Boots' parent company, Walgreens Boots Alliance (WBA), offloaded Boots employees’ pension scheme to financial service provider Legal and General (L&G) in a £4.8 billion deal.
As part of this agreement, the opportunity to take an unreduced pension from 60 was removed, and pension paid before age 65 would now be reduced for early payment.
The PDA has been assisting members who were expecting to take their benefits from the scheme at age 60 with no reduction.
As the ombudsman has accepted the complaint, Boots plc (the employer) and Boots Pension Trustees Limited (the Trustee) have to respond.
Due to taking a lead case approach, the ombudsman does not intend to accept any other complaints concerning this issue.
