Royal Mail is making a fresh proposal on pensions in a move aimed at resolving a dispute with its workers.
The Communication Workers Union is threatening industrial action after the company announced it will close its defined benefit pension scheme next year.
The union attacked the decision and made an alternative proposal.
Royal Mail said on Friday it was proposing a defined benefit cash balance scheme, which includes elements of the CWU proposal, without some of the "inherent risks" to the company it believes the union scheme would have created.
"We very much appreciate the care that the CWU applied to its proposal and we have agreed to meet them to discuss it further.
"However, at the moment we do not believe the CWU proposal, in its current form, meets the fundamental principles underpinning our 2018 pension review.
"These are, sustainability, affordability and security.
"We believe that the defined benefit cash balance scheme would be a fair proposal that compares favourably with the retirement benefits offered in our industry and by other large UK employers.
"We will continue to discuss the future of the plan with our unions," said a Royal Mail statement.