Northern Foods Pension Scheme
The Northern Foods Pension Scheme was established to provide retirement benefits to employees of Northern Foods, a former British food manufacturer known for its diverse range of products. This pension plan primarily operated as a defined benefit scheme, offering retirees a pension calculated based on their final salary and length of service. The scheme’s structure aimed to provide a secure and predictable source of income for retirees, reflecting the company’s commitment to the welfare of its workforce. Following the acquisition of Northern Foods by 2 Sisters Food Group in 2011, the management of the pension scheme has focused on maintaining its financial health through careful asset management and risk mitigation strategies. The scheme’s administration has been crucial in ensuring the continued provision of benefits to former Northern Foods employees, demonstrating a continued commitment to their financial security, despite the significant changes in the company’s ownership and structure.
Did you transfer 0ut of the Northern Foods Pension Scheme?
Northern Foods was established back in 1937 and has since then always provided its workers with a pension. The Northern Foods Pension Scheme started on 31st March 1951.
However, there are marketing firms out there that have been specifically focusing on people with final salary pensions to encourage them to transfer to a different type of pension by providing them with unscrupulous advice, in the hope of receiving a commission for facilitating the transfer.
The Financial Conduct Authority has on several occasions warned pension holders at Northern Foods about avoiding this advice and not to perform a transfer. This is because in many instances these marketing firms failed to mention how suitable or unsuitable the transfer was for the individual. In some instances, pension holders were deliberately misled and as a result, some lost as much as 50% of their retirement income for the future. Luckily though you may be entitled to some compensation and we can help with helping to determine this.
Please give us a call and speak with one of our team. This is free to do and there is no obligation to use our service. Our fees are very reasonable. Best of all, you don’t have to pay them until you’ve received all of your financial compensation and only if you are happy with the service provided.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
