How much do royal mail pay into the pension scheme

Royal Mail, the UK's postal service, has a defined benefit pension scheme for its employees, known as the Royal Mail Pension Scheme (RMPS). The scheme is a final salary scheme, which means that the pension benefits are based on the employee's final salary and length of service.

According to Royal Mail's annual reports and accounts, the company makes significant contributions to the RMPS. For the year ending March 31, 2022, Royal Mail's contributions to the RMPS were:

It's worth noting that these figures are subject to change and may vary from year to year. Additionally, the RMPS is a closed scheme, meaning that it is no longer open to new members.

In 2012, Royal Mail and the Communication Workers Union (CWU) agreed to a deal that would see the company's contributions to the RMPS increase by 3.2% per year for five years, starting from 2013. This was part of a broader agreement to address the scheme's funding deficit.

As of March 31, 2022, the RMPS had a deficit of £6.4 billion, which is being addressed through a combination of employer contributions, investment returns, and other measures.