Pensions liabilities are first in line so if BA went belly up the assets would be sold and the pension fund would be first in the queue for the receipts. The pension is thus fairly secure.
Were BA to go bust it would be a disaster for all pilots and all wannabes.
Without their market leading remuneration and terms there would be no incentive for the other airlines to offer their current packages. So all would sag lower. Plus one in every three airline pilots in the UK would be looking for a job and be able to start tomorrow.
You'd better all pray it doesn't happen.
Which it won't.
WWW