The trustees of Alliance Boots £3.5 billion pension scheme have called for an extra £1 billion to safeguard scheme members entitlement, in light of private equity firm Kohlberg Kravis Roberts (KKR) £11.1 billion bid for the British pharmaceutical giant. Trustees of the scheme are particularly worried about the highly-leveraged nature of the bid, which could weaken the employer covenant, which is the guarantor of the fund's solvency.
In a letter to scheme members, trustee chairman, John Watson
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