This Royal Mail pension fund deficit.
In it, Mr Hooper is expected to warn that the £22 billion pension scheme, which is thought to have a "black hole" exceeding £7 billion, is crippling the Royal Mail\’s ability to attract private investment.
This isn\’t anything new….the costs are there because of promises made decades ago to staff that they would have final salary pensions. Just as, umm, we\’ve made the same unfunded promises to millions of civil servants. Which leads to hte conclusion thaty it doesn\’t matter whether we pyt money into the fund to cover the gap or not: we\’re on the hook for it all anyway.