You state the valuations have been carried out by independant actuaries. True, but in the Trustees statement this comment was made.
Both the valuation and the recovery plan are subject to review and approval by the Pensions Regulator. The Regulator has had only limited information, and has not had the opportunity to carry out a detailed assessment of the assumptions used. The Regulator’s provisional view is that the technical provisions may be materially below a level it feels appropriate. The trustees and BA look forward to working with the Regulator to complete a detailed
review.
The large divergance between APS & NAPS is I believe caused by the different discount rates used for the two schemes. In APS 4.6% was used in NAPS 6.1% was used. It stretches credibility that the NAPS scheme is going to grow at 6.1% in current times.
ie BA is trying to put a favourable spin on these numbers