777JRM
I believe you are wrong when a person draws a pension either through early retirement eg ill health, NRA, or VR as is the case here the pension becomes crystallised. The money does indeed stay in the scheme BUT it is ring fenced, so if the scheme is in deficit as NAPS is then the employer has to make good the individuals shortfall. As I suspect the majority of the VR’s are over 55 and in NAPS, BA will have a cost here
One consideration is if BA folds and NAPS moves into the PPS, these pensions already in payment are protected fully, only any future index linking would be capped
if a person requests a CETA then the sum available will be reduced if a scheme is in deficit.