Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Shared parental leave
    • Redundancy
    • Maternity & Paternity
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Shared parental leave
    • Redundancy
    • Maternity & Paternity
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Latest NewsPay & benefitsPensions

Royal Mail privatisation plans put pension scheme at risk

by Guy Logan 9 Jun 2009
by Guy Logan 9 Jun 2009

Royal Mail could become the latest company to close its final salary pension scheme if government plans to part-privatise the group fail.

The postal service’s pension deficit has more than doubled to £6.8bn in the year to March 2009, and will be close to £10bn when a review is published this summer, the Sunday Times reported.

A Royal Mail spokesman said: “Closing the final salary pension scheme is not something we would want to consider, but might have to, as one of the possible consequences of the government deciding not to go ahead with their [privatisation] plans, including their proposal to take responsibility for the historic pension deficit.”

A proposed law to sell a minority stake in Royal Mail will be heard before MPs in Parliament this month, and is expected to attract tough opposition. Hundreds of Labour backbenchers have already expressed they will not support the part-privatisation move.

Last week, supermarket Morrisons said it would close its final-salary pension scheme for 4,500 existing members, instead operating an ‘average earnings’ scheme,while oil giant BP announced it was closing its scheme to future members. Barclays bank also revealed that it would close its final salary scheme to 18,000 current staff.

Avatar
Guy Logan

previous post
Armstrong’s Handbook of Human Resource Management Practice
next post
Sir Alan Sugar has little respect for HR

You may also like

MP demands timeline on carer’s leave legislation

13 May 2022

Employment tribunal: use of word ‘bald’ can amount...

13 May 2022

Rees-Mogg under fire from civil service leader over...

13 May 2022

Prime minister steps up calls for 90,000 civil...

13 May 2022

Spain plans menstrual leave for painful periods

13 May 2022

‘Small spike’ in minimum wage underpayment among 20-24...

13 May 2022

Tesco to pioneer office space in local stores

13 May 2022

How employers can support women during the HRT...

13 May 2022

What it really means to be mentally fit

13 May 2022

What is employee wellbeing? Gethin Nadin talks to...

13 May 2022
  • What it really means to be mentally fit PROMOTED | What is mental fitness...Read more
  • How music can help to ease anxiety at work PROMOTED | A lot has happened since March 2020, hasn’t it?...Read more
  • Why now is the time to plug the unhealthy gap PROMOTED | We’ve all heard the term ‘health is wealth’...Read more

Personnel Today Jobs
 

Search Jobs

TOPICS

Economics, government & business
Employee Relations
Employment law
Equality & diversity
Global HR
HR practice
HR strategy
Learning & training
Occupational health
Pay & benefits
Recruitment & retention
HR Tech
Wellbeing
All HR topics

WHAT’S HOT

Apprenticeship levy
Brexit
Covid-19 coronavirus
Gender pay gap reporting
Gig economy
Holiday pay
HR tech
IR35
Immigration
People analytics
Zero-hours contracts

JOBS

Post a job
Why advertise with us?
Change Management
Compensation & Benefits
Diversity & Inclusion
Employee Relations
Employment Law
Health & Safety
HR (General)
HR Business Partner
HR Director
HR Consultant
HR Shared Services
HR Systems
People Analytics
Learning & Development
Training
Occupational Health
Organisational Development
Payroll
Performance & Engagement
Recruitment & Resourcing
Talent Management
Wellbeing
Workforce Planning

ABOUT

About Personnel Today
Contact us
Advertising opportunities
Features list 2022
RSS feeds
Advertising specifications
Email Newsletters
Cookies policy
Privacy policy
Terms and conditions

The Personnel Today Awards
The RAD Awards

Employee Benefits
Employee Benefits Awards
Employee Benefits Live

Forum for Expatriate Management

OHW+
OHW+ membership

Whatmedia

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2022 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Shared parental leave
    • Redundancy
    • Maternity & Paternity
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
    • OHW Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+