Future of first milk

[worker]

How long does this pension liability go on for?Surely one day there will be a pot of money left,will this be then returned to FM et al?

well I am getting a fair bit of it each month!, my husband worked for mmb for 10 years and he is now 62. I am quite a bit younger than him and I get it after he dies, and I hope to live for a long time...sorry!

 

[farmer on a bike]

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.

As part of the merger Milklink paid a lump sum to the milk pension fund to remove any future liability. Almost, financially the most important part of the overall deal. Gregory Transport also did the same at that time. Some of the liability stayed with milk marque which bought community foods, effectively all the assets belonged to the pension fund. I doubt many, if any of First milk's staff are part of the milk pension scheme, but the scheme continues until the last beneficiary has passed away.

 

[farmer on a bike]

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 !!

The MMB was a co-op owned by milk producers, originally the government helped to set it up in 1933 and they regulated its activities given it was a monopoly. But they did not own it, all the milk producers of the day in England and Wales were the owners and were responsible for the employees. Dairy Crest was hived off from the MMB, so I assume they has a large share of the milk pension scheme but possibly the scheme was split in 2 at that time.

 

[Tonka]

well I am getting a fair bit of it each month!, my husband worked for mmb for 10 years and he is now 62. I am quite a bit younger than him and I get it after he dies, and I hope to live for a long time...sorry!

Me too...........I'm still working, so haven't claimed a bean yet. But hopefully there's some left in the pot when I put my feet up!

 

[westwards]

The MMB was a co-op owned by milk producers, originally the government helped to set it up in 1933 and they regulated its activities given it was a monopoly. But they did not own it, all the milk producers of the day in England and Wales were the owners and were responsible for the employees. Dairy Crest was hived off from the MMB, so I assume they has a large share of the milk pension scheme but possibly the scheme was split in 2 at that time.

The Government knew that many who had a liability would leave the sucessor Co-ops and join private companies and therefore walk away from their share of the pension liability, leaving others to foot the bill.
@farmer on a bike do you think its fair that the few who are left producing should carry most of the burden of the pension ? And I do know about NMR Genus etc etc.

 

[Keirkid]

At what point is FM not a viable business if you have to make 3 mill plus to pay in to the pension pot or is it First Milk second farmers?

 

[farmer on a bike]

The Government knew that many who had a liability would leave the sucessor Co-ops and join private companies and therefore walk away from their share of the pension liability, leaving others to foot the bill.
@farmer on a bike do you think its fair that the few who are left producing should carry most of the burden of the pension ? And I do know about NMR Genus etc etc.

I agree it looks unfair now, but to be fair many left before any pension deficit was apparent. That occurred after Gordon Brown made a tax raid on pension funds dramatically reducing compounding returns.

 

[braeface]

You folk's that have left FM, do you still get calls from Zoe from flippin Platts.....................?

 

[cattow]

You folk's that have left FM, do you still get calls from Zoe from flippin Platts.....................?

The day before FM announced they were deferring payment 2 weeks Platts sent out a text saying the were giving FM members an extra 2 weeks credit, how strange I thought at the time.

 

[buffalo_soldier]

No, Zoe follows you.

 

[Big_D]

Zoe can't be as bad as dawn

 

[vantage]

Zoe can't be as bad as dawn

I like getting up at the crack of Dawn.

 

[Big_D]

Di

I like getting up at the crack of Dawn.

Dirty boy

 

[Ducati899]

The day before FM announced they were deferring payment 2 weeks Platts sent out a text saying the were giving FM members an extra 2 weeks credit, how strange I thought at the time.

A extra 2 weeks on top of what may I ask? Only reason is I use them but book it through Forfarmers so get a month but when driver was here last time he said most places he has to get a cheque on delivery

 

[buffalo_soldier]

Was always cheque on delivery here.
Haven't used them for a while now as they have got too dear.

Zoe rang last week actually, and set off at over £4 a bag.
Then you have to go through that rigmarole of "I need to ask my manager".

Deal with a firm now that sets a competitive price, sticks to it and sends postal invoices like a proper business.

Sent from my MotoG3 using The Farming Forum mobile app

 

[cattow]

I still get emails from CNP, this mornings offering is for something called "muscle memory" it can help people who have " lost their way"

 

[___\0/___]

I still get emails from CNP, this mornings offering is for something called "muscle memory" it can help people who have " lost their way"

CNP was sold by first milk to The Protein Partners.

 

[Keirkid]

C N P when it was owned by first milk stood for could not pay!

 

[wasted years]

I still get emails from CNP, this mornings offering is for something called "muscle memory" it can help people who have " lost their way"

@Walterp
@Danllan

 

[supercow]

Is the newsletter preparing us for a penny plus drop or less or more?