The Pension Funds claim to have lost nearly £350m through their combined investment into the Henderson PFI Secondary Fund II. Monies in the Fund were used as part of Henderson's acquisition of John Laing. A decision the investors claim should not have been made.

The pension funds have given Henderson two weeks to respond satisfactorily to their claim before legal action is taken.

Paul Braithwaite, spokesman for the Equitable Life Members Action Group, said:

"We are more than frustrated that whereas Sir John Chadwick was given an extension for his report, we have been asked through August, through a bank holiday, to make a submission to the Treasury on what we propose as an alternative scheme. We will make a submission. We will be informing MPs in advance of the debate and encouraging them to participate"

When the government announces the public sector spending review in October it is expected that they will also make an announcement regarding the proposed compensation payout to the estimated 1.5 million people affected.

An independent commission has already been set up to calculate the best way to distribute the compensation amounts to the eligible Equitable members.

The results show that around a fifth of the FTSE 100 companies have used assets in deals over the past twelve months to help reduce pension fund deficits. These deals are estimated to have a value of £8bn compared to that of the estimated £12bn in cash contributions.

PwC are predicting that asset deals could now increase to £10bn over the next year.

Assets that can be used range from bonds to brand royalties, real estate to receivables, stocks to subsidiaries. They can be paid directly into the pension scheme or used as a security payment that can be used in the event of a default or insolvency.

Raj Moody, Chief Actuary and Partner at PwC said:

"We have reached a tipping point whereby asset deals are becoming a primary method of plugging pension scheme deficits. The shift reflects the competing range of challenges facing companies tackling deficits: corporate liquidity is still under strain, while pension scheme trustees are demanding ever more prudent funding targets. Meanwhile companies are having to do more to prove the strength of their business to trustees, particularly as a result of recent guidance from the pensions regulator."

"Non-cash funding arrangements can address a number of these points all at once. They are a tangible demonstration of sources of value the company can deploy to give security to the pension scheme. They help bridge the gap between current funding levels and longer-term funding targets, often in an accelerated way compared to more gradual or back-end loaded cash contribution schedules. And they obviously free up cash for other purposes such as continued investment in the sponsoring business.  As a result there is growing recognition by companies and trustees alike of the benefits of non-cash funding, along with increased prevalence of these structures."

To read the full PwC press release please click here

It is believed that the scheme has approximately 3000 members and that they will now be issued individual insurance policies for each member to detail out their secured pension rights.

A statement by Alliance Boots stated:

"The trustees have written to all members to explain the insurance arrangements, including the subsequent issue of individual insurance policies."

"Members benefits are otherwise unaffected and when all have been secured, the Alliance Unichem UK scheme trust will be dissolved,"

Anyone with questions about how buy outs work or have any other general questions about their pension can speak to one of our advisor on 0845 601 2923.

Investment Life and Moneyfacts have reported that the average rate for a man reaching 65 will purchase an annuity 6.3% less then was available in August 2009. The average woman will purchase an annuity which is 5.6% less.

To read the report click here

It is estimated that as many as two-thirds of people fail to take advantage of the open market option. This is the option that allows savers to buy an annuity with another insurance company. It is not always the case that the pension provider you have your pension fund with will be offering the best deal.

It is also important that savers purchase the annuity that best suits their circumstances.

To help people with their annuity decisions, we have designed an Annuity Planner to explain the different key issues available, to use this click here

To view the response click here

It has been reported that the affected staff are being offered the opportunity to become a member of a Standard Life Stakeholder Pension Plan. Those who accept to become a member will receive an employer contribution up to 5% of their salary and that all benefits accrued before 31 December 2010 will be protected.

Shop Direct's Group Chief Executive, Mark Newton-Jones said:

"We recognise this is a considerable step to take but we believe this proposal is the right way forward in terms of reducing exposure to the volatility of financial markets and providing more equitable pension provision for our colleagues."

The Union of Shop, Distributive and Allied Workers have said that they are "extremely disappointed" with the move and their national officer, David Johnson said:

"While we recognise that even many profitable companies have closed their final salary pension schemes, we are very concerned about the impact this could have on our members and their plans for retirement. Consultation on the proposals has started and further talks with the company are currently being arranged."

For information on Group Stakeholder Pension Schemes click here

The PPF Chief Executive, Alan Rubenstein, said:

"This strategy makes public the work we have been doing behind-the-scenes since we opened our doors for business more than five years ago."

"We think it is important that we expose our plans so we can show how we intend to ensure we have the financial resources needed to pay existing levels of compensation to current and future members of the PPF - and become self-sufficient by the time the level of risk to the PPF from future insolvencies has reduced substantially."

The PPF also aims to build up a reserve to protect itself against future claims and to have eliminated its exposure to interest rates, inflation and other market risks.

The funding target is to be achieved by a mixture of the annual pension protection levy, investment returns and the assets of schemes brought into the PPF.

Progress will be measured on an annual basis and if targets are not going according to the plan, it may review the objective or other areas which may affect it.

For further information about the PPF click here