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Latest News

BA’s £133m shortfall in pensions provisions

by Personnel Today 20 Nov 2003
by Personnel Today 20 Nov 2003

British
Airways (BA) has called urgent meetings with unions and staff after it revealed
it needed £133m extra per year to fund its two main pension schemes.

The
extra contributions are needed to fund BA’s final salary schemes, presently
holding the savings of 100,000 current and former workers.

The
sum exceeds the £80m-£120m extra predicted by City analysts and was calculated
at the airline’s three-year actuarial review.

BA
has already closed its final salary schemes to new members, with all staff
starting from April this year joining the British Airways Retirement Plan, a
defined contributions scheme.

John
Rishton, BA finance director, stressed that the airline remained committed to
its existing pensions schemes and said they would work with staff and unions to
find a ‘sensible solution’.

By Michael Millar

Personnel Today
Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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