L&G’s WorkSave pension selected by Alliance Boots
Legal & General's WorkSave pension was selected by Alliance Boots, a leading international, pharmacy-led health and beauty group, as the company pension for its UK employees.
Following the merger in 2006 of Alliance UniChem Plc and Boots Group PLC to form Alliance Boots, the company has consolidated their existing Alliance Boots pension schemes in the UK into a single company pension.
Neil Parfrey, Group Director of Pensions, Alliance Boots, said; "We wanted to consolidate company pensions across Alliance Boots in the UK into a single scheme that would be market competitive as well as fair and equitable for all. By introducing the WorkSave pension, we have created a more flexible benefits structure where our employees have more opportunities to boost their retirement savings. The take up by employees transferring into the WorkSave pension from our various Pension Plans has been very enthusiastic. This is a testament to the quality of the enrolment communication and attractive fund range provided by Legal & General."
Legal & General, one of the leading workplace savings providers in the UK, was appointed to be the UK pension provider for Alliance Boots in March 2010. The WorkSave pension offers existing pension scheme members increased flexibility and a wider fund choice while reducing overall charges. The creation of a bespoke communication was key to the success of enrolment into WorkSave.
Legal & General's field based relationship team worked with the Alliance Boots pension team to co-ordinate staff enrolment. All employees received an explanatory pack outlining the changes together with a tailored educational module, which they could log on to via a bespoke web site. Employees were also invited to a regional briefing delivered by Legal & General's large field based presentation team. In total over 100 presentations were delivered at over 90 locations over a three-week window in June.
Legal & General's Distribution Director Workplace Savings, Helen Buchanan commented: "Ensuring that staff clearly understand any proposed change is paramount to the success of the enrolment process. Our job is to make sure that happens effectively so the people that matter, the company employees, are able to make the right choices. We are delighted to have been chosen by Alliance Boots to provide their UK employee pension scheme, which is a tremendous endorsement of the competitiveness and quality of our products and service. With auto enrolment just around the corner, our WorkSave pension offers employers the flexibility to fulfil an important role in future proofing their DC arrangements. "
Legal & General Workplace Savings manage the pension schemes of over 4,000 companies with around £3 billion in assets.