Hansof,
Thanks for your kind words. I have a couple of points to add though.
The MAIN POINT is that those in charge of BA run it for the benefit of those who OWN it. They may be able to afford to pay but don't want to.
This is the whole crux of the problem. BA made a contract with us when we joined. Now they're trying to wriggle out of it to enhance their profits and pay bonuses to the directors.
They may want to make BA look like a good bet on the international investors' stage (that impresses the owners, doesn't it?) and one way is to adopt strategies that other companies have shown to work in today's market. And change them to make them work better.
BA are already the most profitable airline in the world. The next set of results are likely to be close to our all time record. That ought to impress the investors and make the company look like a good bet.
Dumping pension responsibilities is a great strategy for a company to make money at the expense of it's employees, as Chapter 11 has proved. Fortunately, we're still able to make money and have enough to pay the pension (how do you suddenly whisk £500 million out of thin air by the way?) despite the US engaging in these anti-competitive and cruel practices.
Incidentally, I'd quite like a reasonable length retirement. Statistically, if I retire at 55, I'll live to 78. If I retire at 65 as is proposed, I'll live to 74. Now do things become a little clearer?