Sugden - I think you are mostly right, however, it wouldn't take "years of profits going fully into the pension fund to fix it". At first glance that may seem so, but in reality:
1. BA could sensibly fix the problem in the 10 years they would have from the pensions regulator. In that time, they could also pay a dividend.
2. If you look at it another way, BA could fix the problem sensibly in two years and pay a dividend after that.
3. Alternatively BA could fix it this year, and deplete the cash reserves, but that would not be sensible.
4. They could also take it from us.
If they choose the last one, I think a strike is fair, warranted and a distinct possibility. If they do 3, I think they are exposing the business to too much risk. 1 or 2 would be my favoured options.
BA have been paying off significant debt over the last 3 years. There is no reason why the pensions debt should not be paid off in the same way. It is a debt like any other.
If the Chancellor changes the tax law for profits, BA don't come asking for it from our pensions. If interest rates change so that charges on the aircraft borrowing goes up, BA don't come and ask for it from our pensions. If we live longer, perhaps that is down to us, so I will pay an extra 10% of my current pension payments to cover it, but I will not pay any extra for interest rates or Chancellors. BA can afford to pay that, like they would any other debt, if it changed the same way as pension debt has changed.