The Royal Mail is set to reveal a pensions shortfall of about 4 bln stg when it reports year-end figures later this month, according to The Sunday Times. The newspaper did not name its source, but said the shortfall — which the group has to declare under the new FRS17 accounting standard — is likely to shock the group’s 200,000 workforce and the government, which is still the ultimate owner of Royal Mail.
Read MoreRoyal Mail will announce this month that it has reduced operating losses by a third in the first 12 months of chairman Allan Leighton’s three year cost-cutting programme. Despite the slower than expected axeing of second letter deliveries to homes across the country, the loss in the latest financial year is likely to fall to around GBP200m from GBP318 million previously, largely due to better performance at the core mail and Parcelforce businesses.
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