SUPERMARKET GROUP Somerfield has insisted any bidder would have to make guarantees to its pensioners for at least the next six years, according to this morning's Daily Telegraph .
Somerfield currently has a pension deficit of £112m so the firm has agreed a deal with its pension trustees to increase its contributions to £11.7m a year over the next six years. Any takeover would therefore see the pension scheme trustees trying to negotiate a better deal again, as finance director David Cheyne said: "It is the commitment of the company for the next six years. Any person buying into the company buys into that commitment unless agreed otherwise with the trustees." MORE THAN A THIRD of people are unhappy with the service they get from their bank but only 5% have moved...
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