05 June 2007
Grampian Country Food Group will plug its £100m pension
deficit by placing one of its subsidiaries into receivership. This
means that responsibility for the pension scheme obligations will
pass to the Pension Protection Fund. The Pension Protection Fund
provides compensation to scheme members where the employer becomes
insolvent.
According to Grampian, the scheme trustees, bankers and
regulators are all in agreement with this move and say that it is
in the best interest of scheme members.
