Fonterra winds up $109M staff pension scheme inherited from NZ Dairy Board

Tue, 31 May 2016

By Paul McBeth May 31 (BusinessDesk) - Fonterra Cooperative Group, which is on a cost-cutting drive in the face of weak global prices, has wound up a $109 million staff pension scheme inherited from the New Zealand Dairy Board as part of the amalgamation that created the world's biggest dairy exporter in 2001. Fonterra closed the Fonterra Superannuation Scheme in December in favour of KiwiSaver for its workers, which the Auckland-based cooperative said was a lower-cost option. The majority of members have since been paid out 85 percent of...

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