Regretably that is down to the predations of Robber Brown, who, without putting a fine point on it, loathes the middle classes, in particular the English middle classes (which by default hits the Welsh and Northern Irish too). The tax mechanisms he has placed in effect (using the 'time bomb' principle) has destroyed, or is about to, the pensions of the non-government employed middle classes (and MPs of course). You cannot 'blame' BA for what has happened. Final salary pensions have become quite simply unsustainable for any company and are going the way of the dinosaur. Thanks to Brown. Lawson started it off- Brown delivered the mortal blow, not with a whoop of exultation, but a quiet giggle because everything he did was set to explode in the future! That future is here now.
So, BA is in trouble and cannot make good the Fund (obviously- it's not alone). All you can do is co-operate with the company, because the share price is alarming. I took my money out of the scheme and lost several benefits as a result. Obviously my fund, along with several other Drawdown candidates I know, are sitting on a big loss. Some are working on unable to retire. I have reduced my pension income to some 60% of what it would otherwise have been because I cannot deplete my fund at this reduced level. EVERY pension fund in the country is in a certain amount of distress. One hopes sincerely that APS and NAPS can keep up their payments at a reduced funding level. But I don't see that blame can be attached to BA. They had a long pension holiday. By IR rules, a fund is limited to 105% liability requirement, so when a big fall comes, it hits badly. I do believe they are doing their best to fulfill peoples' expectations in a nightmare scenario. Industrial strife is the last thing anybody should countenance right now!