Parliamentary Search

Written question asked by Gordon Prentice (Labour) on Tuesday, 13 October 2009, in the House of Commons. It was due for an answer on Friday, 16 October 2009. It was answered by Pat McFadden (Labour) on Friday, 16 October 2009 on behalf of the Department for Business, Innovation and Skills.

Royal Mail: Pensions

Question
To ask the Minister of State, Department for Business, Innovation and Skills what the size of the Royal Mail pension fund deficit is; what it has been in each year since 2000; and if he will make a statement.
Answer

The current size of the accounting deficit as reported in the Royal Mail's 2008-09 report and accounts is £6.8 billion. The last formal actuarial valuation of the pension deficit was given as £3.4 billion in March 2006. The trustees are undertaking the next triennial actuarial valuation, which started in March 2009 and will need to finish by June 2010. The following table shows both accounting and actuarial pension deficit values since March 2003, which is when the scheme first fell into deficit.Funding of the pension scheme remains an operational matter between Royal Mail and the trustees.

Royal Mail pension deficit figures since financial year 2002-03
£ billion
Financial year Accounting deficit Actuarial deficit
2002-03 4.7 2.5
2003-04 4.4 —
2004-05 4.0 —
2005-06 5.6 3.4
2006-07 5.0 —
2007-08 2.9 —
2008-09 6.8 —
Note:
Figures are rounded to the nearest £100 million

Secondary information

Type
Written question
Reference
497 c1097-8W; 293539
Session
2008-09
Subjects
Pensions Royal Mail
Contains statistics
Yes
Link
View this Written question on www.publications.parliament.uk