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  So Keith - what is the pension fund got to do with it? It is certainly one very good reason not to buy Royal Mail though.
  
  The pension is a massive liability, an open chequebook given it has what we call defined benefits.
  
  The Royal Mail desperately needs private capital injected into it and some decent management. The costs have been going up for many years while the service has been steadily declining. I am not sure though whether even privatisation would be enough to save that business model given the modern developments that others refer to.

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