When my FS closes, if it does, then I have protection.
So I'm alright Jack !
There are probably a number of issues here, some of them I have sympathy with, others maybe not.
Odd One is right in saying that all was not well in BAA before the takeover, much of it steming from perceived inefficiencies which were being "sorted out" by dynamic new management from process industries, who basically had no idea about how airports run, but were fixated on short term gain. This, of course, was ultimately fulfilled when the company was sold, giving all the shareholders a windfall profit, especially the city institutions who were the majority shareholders. ( Not really renowned for their long term approach are they ? I find it a bit rich when the City of London bleats on about airport infrastructure failings when they were the one's that sold it off ).
Anyway, it turns out that none of this lot really understand the financials around how BAA is regulated, and unfortunately, there isn't a quick buck to be earned - BAA had traditionally been a "slow, steady growth" stock, ( the regulator would rip out any sudden profit gains ), the bedrock of many pension funds. ( Ironic really ).
Now the new team have to find ways to cut costs. The Competition Commision has already suggested that the pension scheme was "uncompetitive" and so, instead of entering negotiations, the owners took this as lever to shut the scheme to new entrants, with something like 3 months notice.
Of course final salary schemes are a rarity these days, and for those with one they are highly prized, and worth holding onto. So BAA stated they had no plans to affect the current scheme for existing members.......initially, ....because 2 weeks ago this was changed to, well, not for 6 years at least, and then, last week well, OK we have no plans to change it, but we'll give you a guarantee for 10 years....... er, where did that lot come from ? Trust them ? it would appear the staff do not.
It's also possible that this is one of those "enough is enough" votes. I read enough on here to know that BAA aren't exactly flavour of the month, however a lot of what they do, and put up with, is imposed upon them, and together with a demanding new owner, who neither understands the financials nor the culture here, this is the first opportunity to have a pop back.