Royal Mail pension deficit reduced by £28bn

Autumn Statement 2012: The transfer of assets from the Royal Mail Pension Plan to the Treasury has reduced public sector net borrowing by £28 billion in 2012/13.

It was announced in the the Budget in March 2012 that the liabilities of the scheme, which were around £37.5 billion, would be transferred to a newly established unfunded public pension scheme.

At that time, the government confirmed that an estimated £28 billion of assets would be transferred to the government.