Kraft Foods will spend hundreds of millions of pounds over the next decade to address a massive shortfall in Cadbury’s pension scheme.

The confectioner’s US owner will pay £30m a year into the scheme over the next nine years. The first payment has already been confirmed.

The pension plan reportedly had a shortfall of £326m at the time of the previous three-yearly valuation. That worsened dramatically from a deficit of just £8m when the previous assessment was carried out in 2007.

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