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In May 2007 Alliance Boots received an improved offer of £11.1bn from KKR and Stefano Pessina. It appeared that the deal was going to win the company. According to the latest published position at Sept 2006, the Alliance Boots pension fund deficit (IAS19) was £83 million and it was among the most conservatively-funded schemes in the UK.
Also in May 2007 The Pensions Regulator issued a warning to trustees about the need for “robust negotiations” when a leveraged bid significantly weakened the ability of the employer to make cash contributions in the future.
The chairman of the scheme wrote to the bidders to give the trustees' estimate of the funding deficit incorporating all new information.
What was the deficit suggested at May 2007?
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