Dairy Crest buys a £160m pensions safeguard policy

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Along with most major companies, Dairy Crest is facing a so-called pensions time bomb, where its pension fund was at risk of not being big enough to pay out the promised amounts to staff once they retire.

Today it bought an annuity policy from Legal & General that insures the liabilities for members who retired before August 2008. The move follows a similar-sized annuity the company took out last December.

It has now entered talks with staff over the future of its final salary pension scheme.

Last month, it said it would cut future dividends by a quarter to help reduce its £63 million pension deficit.

The shortfall had doubled compared with the previous year because of the fluctuating financial markets in which it was invested.