House of Lords Questions - RM Pensions

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Pensions
House of Lords


Lord Laird (Crossbench)

To ask Her Majesty's Government, further to the Written Answer by Lord Sassoon on 10 January (WA 65-6), what current liabilities of the Royal Mail Pension Plan are included in the Whole of Government Accounts; what is the level of Royal Mail assets that is so included; what are the rates of employer and employee contributions; and what, if any, subsidies have been made to the scheme by Royal Mail in the past five years.


Lord Sassoon (Commercial Secretary, HM Treasury; Conservative)

Royal Mail Holdings plc (RMH plc) operates three pension schemes (the Royal Mail Pension Plan, Royal Mail Senior Executive Pension Plan, and Royal Mail Retirement Savings Plan) and various other small scale schemes for overseas subsidiaries. The Whole of Government Accounts for 2009-10 reflects the £8,041 million net pension liability of the pension schemes. Details of the assets and liabilities of the schemes are included in the accounts of RMH plc. In the RMH plc accounts to 31 March 2010, the fair value of pension assets disclosed was £25,814 million and the present value of liabilities was £33,855 million.

The current rates of employer and employee contributions to the Royal Mail Pension Plan are 17.1% and 6.0% respectively.

In the past five years, Royal Mail Holdings plc has made the following additional contributions to reduce the Royal Mail Pension Plan deficit:

2010-11-£299 million;

2009-10-£291 million;

2008-09-£290 million;

2007-08-£284 million; and

2006-07-£243 million.

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Royal Mail Senior Executive Pension Plan

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Royal Mail Senior Executive Pension Plan

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