The reason the regulator is stopping 'pass through' is to prevent what I have attempted to explain on numerous occassions. It prevents NATS from taking 'pension holidays' or failing to pay in sufficient funds today only to force the airlines to stump up more cash in the future, to subsidise a badly managed pension fund. It doesn't prevent our pension costs being passed onto the airlines in any way, shape or form. All companies include pension costs in their overall charges. Provided our scheme is managed well and not used as a cash cow for NATS short term profits, then we will continue to include pension costs in our fees. Your argument would seem to say that with no pass through allowed we cannot pass any pension costs to our customers. That is a ludicrous suggestion and not only a blatant distortion of the truth but simple scare mongering !!
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As I said before, there is no problem with the Pensions Scheme. You say, not currently......Well, what is changing that makes it seem there is going to be a problem......Surplus is increasing, interest rates are rising, property prices are on the up, Govn Bond returns are increasing, the economy is stable, NATS are making a healthy profit, NATS costs per movement are down, etc, etc.
Again, when there is no evidence of this looming disaster.....Scare mongering
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There is a surplus of over £200million, and it is likely this is will be even more come March. This will not vanish overnight as you would make out. If we see the surplus begin to fall, then that is the time to look to changes if need be. I'm not being reactive, I'm being sensible. Your actions are to change a scheme that is extremely healthy and shows no signs of being anything else.
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To set up a new scheme, our costs would have to go up. To set up a Defined benefits scheme would cost in the region of £70million to set up initially. On top of this you then have NATS contributions to pay. The 12.2% is currently subsidised by our surplus, which would remain in the old scheme. Therefore, the new scheme is not being subsides, SO, just what contribution rate would NATS pay in. Surely it would have to be well over 12.2%, otherwise it would be well below what is required to provide a living wage on retirement?? SO, the cost of providing pensions would increase yet we can't pass through these costs....Where does this money come from then??
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You have the right to believe what you do regarding the Pensions Issue, it is a complex and emotive topic, but I think you will find the arguments/facts stacked strongly against you. I hope we are all able to retire on the £££ we expect to recieve. I, for my part, will do all I can to ensure that is the case for all, not just those who believe (rightly or wrongly) their pensions can't be touched.
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Once again, I thank you (and no shouting this time
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