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Old 15th May 2010, 22:28
  #1549 (permalink)  
just an observer
 
Join Date: Mar 2010
Location: England
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Its not the crew's fault that the pension pot is empty, its pernicious management.
Not entirely true, re management, if at all. The pension contribution rate was set before the change to dividend tax repayment (Gordon Brown's 'raid' ), before the current financial crisis, and before we all started living longer. True, if BA had not had a pension holiday for APS - which is a 'mere' £1 bn in deficit, that fund would probably would not be in deficit, but BA has always paid the due amount into NAPS, which has by far the larger deficit.

More to the point, to get out of the pension hole, BA needs to continue to exist, so that payments at an increased rate (hopefully to be agreed soon) can be made so that expected pensions get paid to current staff.
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