Debbie Abrahams MP, Shadow Work and Pensions Secretary, commented on negotiations over Royal Mail’s pension plans, said:

“It is deeply concerning to see that the recently privatised Royal Mail is looking to downgrade the pension saving provision of new members, despite the pension fund being in surplus.

“All aspects of the fund’s performance and its investment strategy should be put forward for consideration by all sides in a transparent and open manner so that an agreement can be reached on a constructive way forward.

“All parties must also bear in mind that the Government’s consultation on the future of Defined Benefit schemes is imminent, and this should provide an opportunity to ensure better support for schemes struggling with deficits.

“Early changes may therefore be premature. We would urge parties to proceed cautiously and consider the widest array of options before reducing the pension saving options of future members.”