A question?
If the pension as it stands today is part of your contract, as a number of people here have said it is, and then the company changes that contract against your wishes, why don't you sue?
Reading my own contract, the company agrees to provide the option of joining a pension scheme but it dosen't agree to any specific level of pension etc. I'm sure yours dosen't either.
The build up rates dropping back to 1/56th from 1/52 are just returning to what they were when Naps was opened. they changed to 1/52 in 1989 I think. Did anyone call for a strike when the build up rate was reduced, becasue the fund was in surplus? no didn't think so.
As for the other figures. BA has 2 billion in cash. about a billion of that is cash we get paid in advance. If we go on strike, that money, or some of it needs to be paid back for flights that don't operate. of the other billion, 500mill has been promised to the pension scheme. All of the big brains on here are suggesting that BA should stump up the other 500 mill as well. great idea, so when Osama get's down to business again, or bird flu stikes which pot of money shall we relay on to get us through the crisis? oh yeah, none of it casue it's all in the pension scheme. BA needs about 15million a day on hand to operate, any sensible person would keep at least 60 days worth of cash in reserve just in case it all hits the fan, don't you agree?
As for the increased retirment age, as the majority of BA pilots wanted to stay beyond 55 anyway, I don't see the problem. Also if you have done even a moderate amount of service and choose to work until your new retirment age, you will actually be better off in retirment, plus you'll have the opportunity to earn another 5 or 10 years wages.
I just hate it when people want to give me more money
The only bit I'm not keen on is the 2.5% cap increase in your pension in the future. if Inflation is below 2.5% then fine, if inflation is at 10% then interest rates will be at 10% so I don't see the problem with the pension cap being at 10% as well.
Let the vilification begin, but remeber, that, although you might not be able to see it from your ivory tower/flight deck, the world of pensions is changing, and even with the changes we still have a F**king good pension scheme that will keep you in wine and cheese for many years to come.
