Boots Pensions Deal Welcome But Lessons Must Be Learnt

June 19, 2007 4:20 PM

Jenny Willott MP, who has been at the forefront of the campaign to secure a fair deal for the 66,710 Boots pension scheme members, has welcomed news that the Boots Pension Fund Trustees have agreed a deal in principle with Kohlberg Kravis and Roberts.

Jenny Willott MP, a member of the Work and Pensions Select Committee, tabled a motion in Parliament last week on the issue and has now called for an investigation into the powers of pension scheme trustees to ensure the pension savings of employees are safeguarded.

Commenting, Ms Willott, Liberal Democrat MP for Cardiff Central said:

"This is fantastic news. I am so glad that a satisfactory deal has been reached and the Boots Pension Scheme members can look forward to a secure pension when they retire.

"There is still a big question mark over whether pension fund trustees hold sufficient powers to represent the interests of their members and guarantee the security of their pension schemes.

"In this instance, the Boots Pension Fund Trustees have done a fantastic job on behalf of their scheme members. However, until very recently, there were few indications that future payments into the Scheme would be secured. There are lessons that must be learnt.

"We need to establish an investigation into the powers that pension scheme trustees hold, so that in future the pension savings of employees are safeguarded. I look forward to meeting with the Pensions Regulator to discuss the issue this week."

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