In 2023, the Boots Pension Scheme was ‘bought in’ with Legal & General. This means that the Trustee used the scheme assets to purchase an insurance contract which covers the benefits payable from the scheme. As part of the buy-in, the ability to take an unreduced pension at age 60 was removed from the scheme.
Many PDA members, currently or previously employed at Boots, and with pension benefits in the ‘Boots Pension Scheme’, approached the PDA for assistance. The PDA obtained expert advice and supported members with making formal complaints.
When the complaints were not resolved at stage one or stage two of the Internal Disputes Resolution Procedure, the PDA supported members in escalating their complaint to the Pensions Ombudsman (TPO).
Following discussions with the ombudsman, it was agreed that as there are many hundreds of members making complaints about the same issues, including but not limited to pharmacists. The TPO would take a lead case(s) approach to complaints.
The outcome of the lead complaint determinations will inform the Trustee and Company of TPO’s views on the issues that affect members generally, and how other complaints would likely be determined if they were to reach TPO.
Two lead cases have been accepted, which between them cover all the core issues identified by the relevant parties. It is expected that the determinations in the two lead complaints will cover all issues for the vast majority of potentially affected members. The lead case from Mr F, was submitted with the support of the PDA.
Alongside the lead case approach, the company, trustee and Boots have agreed that further updates should be led by the TPO. Latest information and some FAQ’s are therefore available on the TPO website here. PDA members who want a latest update are directed to visit the TPO website.
This article is a final reminder from the PDA to members of the scheme of the Pensions Ombudsman’s direction that they should make any complaint to the Trustee under the scheme’s internal dispute resolution procedure (IDRP) now if they wish their own case to be considered. You can read more about this on the Pension Ombudsman’s website. There is more information, including template letters for complaints in previous articles from the PDA on this topic.
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