Cheese firm raises a stink

Dairy Crest left thousands of workers cheesed off yesterday by saying it expected to grow profits while cutting pension payouts.

The Country Life spread maker is on course to increase annual profits by more than 6% to £64million.

It came as the firm hailed bumper sales of its best-selling Cathedral City cheese in the first half of the year.

But while Dairy Crest is doing well, 15,000 current and former workers are set to be less well off in retirement.

The firm recently announced plans to tie pension payment rises to the consumer prices index, rather than the retail prices index. The switch will save the firm £125m.

Boss Mark Allen said: “The agreement reached with the trustee of the pension fund is an important development and significantly reduces future liabilities.”