KKR-owned Alliance Boots offloads pension liabilities
Alliance Boots, owned by Kohlberg Kravis Roberts (KKR) and private investor Stefano Pessina, has offloaded the pension liabilities of 3,000 former Alliance UniChem employees, according to reports.
The £300m pension liabilities have been offloaded to pension insurance specialist, Pension Insurance Corporation. Alliance UniChem and Boots pension schemes have been closed to new entrants for several years as the costs of final salary schemes have risen in recent years.
The announcement comes as several private equity backed firms such as Acromas (AA and Saga) and EMI have announced shortfalls in their pension schemes.
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