Therefore, surely we would be foolish to sell ourselves short during a short-term recession.
Sorry but you really will have to remind us what the recession has to do with the pension proposals?
If you have been to a briefing it should have been made very clear that this is about the on-going underlying rate that NATS will have to pay ie. around 42%. If it wasn't made clear there it has been plenty of times on here. But let's not let the facts get in the way of a good argument.