A giant mountain of maturing cheddar cheese is to be used as security for a pension fund.
Twenty million kilos of Cathedral City cheddar will now back up pension funds of workers at Dairy Crest, one of the UK’s biggest cheesemakers.
Some 20,000 pallets of the cheese, nearly half the company’s total stock, have been pledged to the pension fund trustees.
The cheese is made in Cornwall, but matured in a warehouse in Warwickshire. It is kept on the shelves there for 12 months.
In the event of the pension fund running into financial trouble, the trustees will now be able to sell blocks of cheddar to make up the shortfall.
Like many companies in the dairy industry, Dairy Crest has been trying to eliminate its pension deficit.
It has not been helped by the huge numbers of retired milkmen, from the days when nearly every household had its milk delivered. Of 3,000 members of the current scheme, most are milkmen. The scheme is now closed.
– BBC News
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