Boots is selling all equities invested in its pension fund and reinvesting in bonds in response to the longevity of its workforce and concerns over the volatility of equity returns.
Industry experts expect more pension funds to follow suit.
Towers Perrin director Mark Duke says: “There are many other companies and pension plans facing far greater risks than Boots. Overall the Boots plan looks in pretty good shape. Perhaps Boots' actions will prove to be a wake up call.”