Dairy Crest closes its company pension scheme

A consultation on this decision was started in June earlier this year. The decision to close the scheme, not only to new employees but also current staff, adds Dairy Crest to a growing line of companies taking this route during the recession. In a statement, the dairy firm said: "Over the past year we have continued to reduce the risks associated with operating a defined benefit pension scheme. Having previously closed the scheme to new employees in June 2006, the scheme insured substantially all of its liability for pensions in payment in two tranches in December 2008 and June 2009. "To further reduce risk, the Company intends to close its defined benefit pension scheme to future accruals with effect from 1 April 2010. Formal consultation with our employees and their representatives has now been satisfactorily completed. We expect to conclude discussion on this matter with the Scheme Trustee in two to three weeks at which point we will be in a position to confirm full details of new and transitionary arrangements to our employees." Dairy Crest, whose brands include Cathedral City, FRijj and Clover, also announced its trading performance for the six months ending 30th September 2009. The business said that high levels of advertising and promotion helped its key brands to "perform strongly".