Farm Ireland

Sunday 18 March 2018

Glanbia PT proposes pension recovery plan

GLANBIA Pension Trustees have submitted a proposed recovery plan for its pension scheme to the Pensions Board.

The plan, based on submissions from pension scheme members, envisages increased company contributions, changes to member benefits and continuing member contributions.

And while it was originally intended that the recovery plan would be targeted to achieve a 100pc funding level within a 17-year period, Glanbia has submitted a plan with a 14-year recovery period. This is because of an improvement in investment markets.

Meanwhile, a resolution to revisit the proposed sale of Glanbia's Irish dairy business to co-op members was carried at the Glanbia Co-op's AGM last week.

Last week's resolution was brought by the Barrowvale Region representation.

The proposal to sell Glanbia's dairy business to co-op members was narrowly defeated last month when it fell 2pc short of the 75pc threshold needed to approve the €350m takeover deal.

The Co-op board last month indicated that it intends to begin a consultation process with members on the possibility of revisiting the dairy business sale proposal.

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