Monty77,
The large majority of pilots who retire in the next few years are in the APS scheme. All the young BA cadets are in the NAPS scheme which is totally separate.
The NAPS scheme is seriously underfunded and could not, on current projections, meet it's commitments. However BA are obligated under the current rules to underwrite the scheme. However if one were to consider a nightmare scenario where BA goes bust, I believe that pensions would be much reduced or cease to exist at all for some new pilots.
It may be worth pointing out that many years ago the APS scheme was in a very similar position to that which NAPS is now. i.e. it was also seriously underfunded.
That situation was in part due to the vagaries of the stock market, as is also the case with NAPS at the moment. Eventually the APS investments turned around and the scheme found itself in surplus; now the scheme has 'matured' and all investments are by law put in a safe place, i.e. 'gilts'.
I can envisage , hopefully, a similar scenario for the NAPS scheme. (Just so long as BA doesn't go bust in the next few years!)
To sum up. I don't believe that the pilots who are retiring in the next few years will have any affect on the pension prospects of our younger colleagues.
Regards
Exeng