But FM are more than happy to keep the money they (including me) paid in.
Future of first milk
- Thread starter supercow
- Start date
But FM are more than happy to keep the money they (including me) paid in.
But FM are more than happy to keep the money they (including me) paid in.
Those who left to supply other dairy businesses left their obligations to the Pension Funds with those members still with FM. Doubt if members would want to pay former members any money as a way of saying thanks.
What about MY pension fund????
Paying pensions to all those great servants that led fm to the brink of bankruptcy !! When the farmers paid their capital in , they did with the understanding that one day they could get it back , but sadly not now .
Paying the pension deficit is currently costing almost £3 million/year and the producers who left walked away from that, some when it was even higher figure.
Every pound they take off or took off producers is devalued immediately so how could they keep paying out £1 in the £1 that was put in ?
Every pound they take off or took off producers is devalued immediately so how could they keep paying out £1 in the £1 that was put in ?
Because that’s what was in the rules at the time .
Every farmer knows rules are made to be broken !!
Pity my mortgage with HSBC does not obey FM financial discipline!
Cooman , I don't think you quite understand , or don't want too. Most of the 'pensioners' will be former employee's of the Milk Marketing Board and SMMB up in Scotland and their successor co-ops . Surely every dairy farmer should have some sort of responsibility for that not simply lump it all onto FM members , unless of course you think like Vantage and are only worried about 'MY pension ' . A case of ' man mind thyself ' and to hell with the rest .
cattow
Member
- Location
- Leicestershire J11 M42
The MMB was a government body so why are any dairy farmers paying ?
supercow
Member
- Location
- Dumfriesshire
Thank you @braeface, there's a lot of people that comment on this thread that don't know what they are talking about. Bit of a wind up if u ask me, more interested in first milk than their own milk buyer! The way I see it with the capital, producers paid into first milk obviously with great intentions of staying, some started to leave for a little carrot dangled by mr wiseman or Graham's or whoever, leaving when fm could still pay back capital. More left for that extra .5 pence and these producers kept leaving and weakening the value of first milk for the sake of a small amount of money in the big picture. These guys that moan 'my dad slaved away to pay capital and now has nothing' give me a sore head. The old guys built up fm and the sons left and weakened it. Grow up, it's a big boys world. When asking members how to distribute money, it was generally add it onto milk price. I said there was no point giving us more shares to build up capital for the reason being they could still potentially be worth nothing in years, For a way to reward shareholders there needs to be a distinction between retired farmers and farmers who left for a carrot. If the fellas who want to have left and want a good value for thier shares, rejoin first milk build, make the shares and first milk worth something or get a grip and be satisfied that you will have made ur capital up with the extra cabbage u were told u were getting by ur new milk buyer
You are bang on @cattow The Government should have done more to make it fair for everyone, the burden of many is now left to a few to pay for.
Just one more unfair Government Cock Up !!
Witty Westwards ...Quite an apt turn of phrase about the government given the current furore around what's acceptable.....
My milk is sold by Arla.Arla joined with Milk Link,a sibling coop of FM,if there is a pension liability then some of this will have to be paid by Arla.IF I wanted to leave Arla,my contributions would be paid out in full.I think your reference to the pension liabilities,while true and probably unfair as @Coo man alluded to,is merely a smoke screen for poor governance and sloppy management in the past.FM now appear on a better focused business plan,and in due course may be able to honour the pay out of the share capital.
Dfob ?
Married 2 The Mob
Member
- Location
- E. Midlands
NMR have also bought themselves out of future liability ( or are buying out currently)
The "Third Coop" liabilities were simply shared between the parties remaining I believe.
I do find it a bit of a concern. Better keep buying Genus Semen, keep them in the game.
The "Third Coop" liabilities were simply shared between the parties remaining I believe.
I do find it a bit of a concern. Better keep buying Genus Semen, keep them in the game.
- Tags
- first milk