ROYAL MAIL PENSIONS

That this House believes that securing a just agreement between the Royal Mail and the trade unions on the issue of pensions is crucial to the future of the postal service; recognises that the trade unions are adopting a reasonable negotiating stance acknowledging that the present status quo is not sustainable; further believes that any settlement reached must be at least as good as those arrived at elsewhere in the public sector in terms both of protecting the rights of existing members and giving hope for reasonable pensions in retirement to new entrants to the postal service; urges Royal Mail to re-open pension negotiations with the Communication Workers Union (CWU) and Unite; further urges the Government to review the 2007 commercial deal to ensure that the £1.2 billion set aside for a ColleagueShare scheme is redistributed to support improved pension reform for all Royal Mail Group employees; calls on the Government to undertake a full review of Royal Mail's reported accounts to ensure that there is more transparency and that further consideration is given to whether the existing £1 billion pensions escrow account can be drawn upon now; and strongly hopes that the Hooper Review of Competition and the future of Royal Mail will make appropriate recommendations on the issue of pensions.