Northern Foods Pension Scheme

Northern Foods Pension Scheme

The Northern Foods Pension Scheme was established in 1951. Alec Horsley founded the predecessor Northern Dairies business that later became Northern Foods Limited, the original sole employer. In 2016 the scheme became single-employer; regulatory intervention produced a £300 million support package in 2025. The scheme allocates to private equity via commitments to Ancala Partners and Hg. It also holds a position in Brockton Everlast real estate funds and received proceeds from the Fox's Biscuits disposal. Geographic exposure centers on the United Kingdom with additional European holdings. Ticket sizes for private equity range from $10 million to $20 million with a minimum ten-year horizon. Assets total an undisclosed amount. The scheme maintains five service providers including LCP as investment advisor and actuary since 2010. Northern Foods Trustees Limited has served as corporate trustee since inception. In 2025 2 Sisters Food Group Limited replaced Northern Foods Limited as statutory employer. Boparan Holdings Limited and Boparan Private Office Limited provide guarantees for scheme liabilities. This structure ties the pension directly to the operating company that replaced the original sponsor, creating an integrated governance arrangement between the plan and its commercial backer.