The PDA has been assisting members who were expecting to take their benefits from the scheme from age 60 with no reduction being applied for early payment of their pension. Late last year, however, the company announced that an agreement had been reached with Legal and General to begin a buy-out of the scheme benefits. As part of this agreement, the opportunity to take an unreduced pension from 60 was removed and any pension paid before age 65 would now be reduced for early payment.
The PDA has assisted members in raising stage one and stage two complaints under the scheme’s internal dispute procedure and is now preparing to assist members in making complaints to the Pensions Ombudsman for a legally binding final decision. The PDA has widely publicised its work on this and tried to ensure members are fully aware of the situation. However, while the PDA believes this issue is widely discussed by those still employed at Boots, there are concerns that those who left their employment may not be aware.
It is very important that any member who potentially has a complaint uses the internal disputes procedure first to ensure they are covered by any ruling from the Ombudsman. This only relates to the Defined Benefit Scheme that was closed to new entrants and future accrual in 2010. It does not relate to any other Boots pension scheme and therefore is not relevant to anyone who only started working for Boots after the scheme was closed.
Members who this does apply to are encouraged to use the stage one guidance here to ensure their complaint is in the system ahead of any reference to the Ombudsman. It is essential to submit a stage one complaint by Thursday 5 December 2024 to ensure the PDA’s assistance.
Once members have received a response, they should use the stage two guidance here.
Pharmacists who have not submitted a stage one complaint by 5 December 2024 are not guaranteed to be covered by the Ombudsman’s decision, so it is very important to meet this deadline.
Learn more
- Boots Pension Scheme changes 2023
- PDA continues to assist members following changes to the Boots Pension Scheme
- Boots Pension Scheme: Stage One Complaint guidance
- Boots Pension Scheme: Stage Two Complaint guidance
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