Shareholders have granted National Milk Records (NMR) permission to pull out of the multi-employer Milk Pension Fund (MPF) at a cost of £14.8m.
The company will now conduct a flexible apportionment arrangement (FAA) to transfer its obligations to the scheme's principal employer Genus.
The deal will see NMR pay a £10.1m lump sum to the scheme - the value of its current commitments under the scheme's recovery plan - as well as £3.3m in cash and £1.4m in ordinary shares to Genus.
The scheme closed to future accrual in 2012, and has NMR has approximately 120 pensioners and 150 deferred members remaining in the scheme, which has around 22 years left to run.
The agreement was made at the firm's annual general meeting on 21 June, where a resolution on the proposals was passed with almost 100% agreement.
Genus now has around 2.1 million shares in NMR, representing just under 10% of NMR's issued share capital.
The proposal was announced on 1 June, and the FAA and payments are scheduled to take place on 23 June.
NMR chairman Philip Kirkham said the agreement will allow the firm to refocus its efforts on building the business.
"This allows us to focus our resources on the commercial and strategic development of NMR, free from the restrictions and obligations imposed by participation in the fund.
"Looking ahead, we are confident that we can facilitate the robust growth of our core offering, rebuild our historic balance sheet and attract new investors to support us as we strengthen our position as a leading supplier of milk recording and livestock services in the UK."
The scheme had an actuarial deficit of £62m and a funding level of 87% at its most recent triennial valuation in March 2015.
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