Dairy Crest churns DB

Dairy Crest is to close its defined benefit (DB) pension scheme to new members. The firm, which delivers milk and produces the St Ivel and Clover butter brands, took the decision as a result of its pension deficit. In March 2005, the deficit was £104m, compared with £95m in 2004. Currently, all staff with at least six months’ service are eligible to join. But from 1 April 2006 new employees will no longer be eligible to join the DB scheme.