In 2006 the scheme had reported a deficit of £2.1bn, which BA described at the time as a threat to the existence of the airline.
It's a possibility we may have to ask the company to make higher contribution, but it is too early to say
John Birch, BA pensions
But after a year of fraught negotiations and threatened industrial action, a deal was struck.
Staff would either work for longer, or pay higher pension contributions for service after April 2007.
In return, BA agreed to pay £850m into the fund as a special deficit payment, and to make further contributions of £131m in each year to 2016 - a move that reduced the pension black-hole.
But this year, following a mini-valuation, the scheme cut its estimate for how much its investments were likely to earn in the future.
"Clearly we haven't made any progress over the year as we would have expected as against the 10-year recovery plan," said John Birch, managing director of BA pensions.
Carnage Matey....
Why would any Australian or QF employee want to join another airline who's successive leadership has allowed such a huge debt to accumulate?
Your suggestion that the deficit is only a problem because of EU accounting laws is at odds with BA's own assessment of the situation...
Even with an injection of £850m the deficit is only slightly less than it was in 2006 and is only going to get worse with the current stock market problems.