John Ralfe, the former Boots treasurer who de-risked the retailer's pension scheme by moving it wholly into bonds, has attacked the high equity allocation of the deficit-plagued Royal Mail Pension Plan, arguing it amounts to a bet on markets funded by UK taxpayers.

In a note published for RBC Capital Markets, Ralfe said: "Royal Mail is relying on the continuing equity bet - 65% of assets or £15bn are in equities - to clear the pension deficit. Are the board, the government and regulator Postcomm managing the implications for customers and taxpayers of the huge risk in this equity bet or just keeping their fingers crossed?"