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Royal Mail: Pensions

Volume 489: debated on Thursday 19 March 2009

To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform what the estimated saving to Royal Mail of suspending employer contributions to the Post Office Staff Superannuation Scheme between 1 April 1990 and 1 April 2003 was, expressed in 2008-09 prices. (263666)

[holding answer 13 March 2009]: There is no single answer for the possible accumulated current value of the suspended contributions as it would involve the need to make complex assumptions over the period since 1990, based on decisions taken by a number of interested parties. The fund was judged to be in surplus in 2001.