RHINO : As MANTHRUST said....it's complicated.
First, none of this will make enjoyable reading for bmi employees looking to their retirement.
Basically if bmi remains a solvent operating company, (which is looking increasingly unlikely, imho) and continues to top-up the funds by £9.5m a year for the next 20yrs, the scheme is currently underfunded to the tune of £190m (a funding level of just 60%).
If (as is looking more likely, imho) the company becomes insolvent, and the scheme 'wound-up', then the funding shortfall is in the region of £400m (a funding level of just 37%).
These figures have been extracted from last years funding statement, are approximate, and fluctuate daily with stock market movements. The latest carnage on world stock markets will not have improved matters.
Moley.