Premier Foods will swoop in for a £33m windfall after reaching a deal with the trustee of its pensions scheme to suspend deficit contribution payments next month. The retail giant behind some of the nation's favourite brands including Mr Kipling, Ambrosia and Oxo, said it reached an agreement with the RHM Pension Scheme Trustee to suspend the contribution from 1 April, which was taking place earlier than expected. As a result, shares soared to a near 13-year high and finally closed up 11.53 per cent in the green.

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