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  It seems that anything complex and beyond the understanding of Reg, he brands as gobblegook because it is an inconvenient fact. Perhaps instead of his half-baked digs he should take time to understand the issues and provide some substance to his comments.
  
  Mind you, now for once I agree with Reg on something - if it moves privatise it.... we would be far better off with the State owning and running less and less.....
  
  As for the Royal Mail's pension liabilities, employer's have to make up funding shortfalls and for the Royal Mail to be privatised, yes, the shortfalls to that point will have to be paid up. That is the point of what I said in the context of my response to Keith's suggestion that the pension fund was an attraction for a buyer as if the new owner of RM would benefit from it. But what beyond then, the new owner would take over an expensive pension that would continue to accrue future liabilities via an open chequebook. Naturally the scheme would have to be closed to new entrants to protect existing pensioners and members and perhaps future accrual diverted to a new defined contribution pension as well. The government should do the same with all public sector schemes.

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