To wind up NAPS requires around £5bn. This is known as discontinuance and is based upon funding all liabilities whilst at the same time receiving no further contributions from members. All benefits paid out would be based upon pensionable pay on the "day of discontinuance". The source of this was the Chairman of the NAPS Trustees, Monday this week.
Discontinuance is unlikely to be a viable option for the trustees as this will do BA far more damage than accepting BALPAs proposal, which is not a million miles away from what the trustees think BA can afford.
The Pension Regulator would not force discontinuance as he knows it would make BA fold and there would be many thousands of people dipping into PPF coffers, which is the last thing he wants!!