Pension Article in Evening Standard
The following was printed in the 'In Brief' column in the Evening Standard of Wednesday the 11th.
BA decides against switch for its final-salary scheme
British Airways will retain its final-salary pension scheme for itsexisting members despite a defecit of £1.4 billion to crystallise the debt. If the companyconverted the deficit to a fully funded basis, it would cost up to £3 billion. "It does not feel like the right solution for us," BA chief Willie Walsh said. The decision came as scottish power became the latest FTSE 100 company to announce plans to close its final-salary pension scheme and raise employee contributions for existing staff. Retail groups Arcadia and the Co-op and services firm Rentokill are amoung other big corporations to close their final-salary schemes in a bid to plug huge black holes in funding.
Well there it is for what its worth! Not that it actually says much.
It's noticable that if you say the word 'pension' on the flight deck you only have a 50% chance of getting out of the door in one piece.
Just edited to show this which I have just found on Google,-
British Airways Pilots Threaten Strike
British Airways has been warned its 2,800 pilots may decide to strike over pensions.
The British Airline Pilots Association said it will fight any plans to make their members pay for a huge deficit of more than £1bn in the company's final salary pension scheme.
General secretary Jim McAuslan has written to pilots warning that the situation had become "serious".
BA should honour its "pledge" to the workforce to continue paying the final salary scheme and not ask pilots to increase their contributions, he said.
"We suspect the deficit has arisen because of deficiencies in other parts of the company.
"We are assembling a top team of accountants and advisers and will meet the company head on. We totally reject that pilots should pay for the deficit or any part of it.
"The team we have assembled will not accept anything BA says at face value and they will probe every statement.
"We will ensure that BA pays pilots the pensions they are owed. We will not fail to take any action necessary to ensure that."
Last edited by Botch Casually; January 12th, 2006 at 12:24.
Er,I never touched it - it came off in me hand