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<\/div>\nBoots has struck a \u00a34.8bn deal with Legal & General in which liabilities for its pension scheme will be switched to the insurance firm.<\/p>\n
The buy-in insures all 53,000 members in the Boots Pension Scheme, making it the largest single transaction of its kind.<\/p>\n
The new deal is said to be a precursor to owner Walgreens Boots Alliance reinitiating a sale of Boots after its abandoned process last year.<\/p>\n
The health and beauty retailer said it had explored all options for the pension scheme but concluded that the transaction with Legal & General was the best way to safeguard members\u2019 benefits against market uncertainty, improved life expectancies, and other risks.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nBoots senior vice president and managing director Sebastian James said:\u00a0\u201cWe are very pleased to have achieved the gold standard outcome for our pension scheme and to have fully secured the benefits of all members with a highly respected insurer. This will provide greater certainty to both the scheme members and to Boots, and is an excellent outcome for both parties.\u201d<\/p>\n
Alan Baker on behalf of Law Debenture, as chair of trustee, Boots Pension Scheme, said: \u201cThis agreement with Legal & General gives added protection to our members\u2019 long-term benefits by removing market uncertainty and other financial exposures.\u201d<\/p>\n
Earlier this year,\u00a0Boots announced plans to close 300 UK stores over the next 12 months as it sought to \u201cconsolidate\u201d the business.<\/p>\n
Boots senior vice president and managing director Sebastian James said:\u00a0\u201cWe are very pleased to have achieved the gold standard outcome for our pension scheme and to have fully secured the benefits of all members with a highly respected insurer. This will provide greater certainty to both the scheme members and to Boots, and is an excellent outcome for both parties.\u201d<\/p>\n
Alan Baker on behalf of Law Debenture, as chair of trustee, Boots Pension Scheme, said: \u201cThis agreement with Legal & General gives added protection to our members\u2019 long-term benefits by removing market uncertainty and other financial exposures.\u201d<\/p>\n
Earlier this year,\u00a0Boots announced plans to close 300 UK stores over the next 12 months as it sought to \u201cconsolidate\u201d the business.<\/p>\n