Pensions

House of Lords written question – answered at on 21 June 2012.

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Photo of Lord Laird Lord Laird UUP

To ask Her Majesty's Government, further to the Written Answer by Baroness Wilcox on 1 May (WA 463), for what future subsidies or additional contributions they are liable in the continuing Royal Mail Pension Plan (RMPP); which aspects of the proposed public sector pension scheme changes will apply to the RMPP; and whether they intend that its liabilities will remain part of the whole of government accounts.

Photo of Baroness Wilcox Baroness Wilcox The Parliamentary Under-Secretary of State for Business, Innovation and Skills

The Government do not hold any liability in respect of the continuing Royal Mail Pension Plan (RMPP).

As the RMPP is not a public sector pension scheme the Government's proposals in relation to public sector pension schemes will not apply to the RMPP. However, key changes proposed to public sector schemes-increased retirement ages and a move to career average accrual-mirror reforms made to the RMPP in 2008 and 2010.

As Royal Mail is a public corporation and therefore within the public sector boundary, the net liabilities of the Royal Mail in respect of the RMPP remain part of Whole of Government Accounts.

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