Carry On Working

Boots tells staff to work five extra years if they want final salary payout. Boots’ pension scheme changes have left thousands of employees uncertain about their retirement plans. The £4.8 billion final salary scheme has been altered under new management, forcing members to wait an additional five years to access their pensions. Early retirement benefits, previously discretionary, have been scrapped, impacting those aiming to retire at 60 who will not receive a full pension. Some face potential losses of £18,000 in lump sum payments and could see a £4,000 annual decrease in retirement income.