There are LOTS of assumptions within the actuarial valuation, life expectancy being only one of them. The assumptions all have to be agreed with the Trustee Board. I did 18 months ago ask BALPA to try and produce some accurate data on life expectancy of pilots post retirement. Is it same as national averages or less? (effect of increased radiation/body clock changes etc). If accurate data was available relating to the majority of a schemes members, then the valuation would be justified in using that data in it's assumptions. Sadly, no data has been produced. Till then, since Trustees are legally charged with acting 'prudently', it is only reasonable that the most up to date longeveity tables are used from within the pensions/insurance industry.
Since the scheme is a 'closed' scheme, it is doubtful BA will keep it to it's bitter end (last pensioner dies). More likely, when membership numbers reach a certain level it will be sold off to an insurance company.
If in years to come the scheme is not in debt, rest assured getting generous terms for employees will be a huge if not impossible battle. More likely the principal employer, BA in this case, will take a pension holiday based on the huge sums it has invested to get the scheme 'healthy' again.
30w