I'm not privy to the details of the transaction, but the substance of what is happening here is not what the PPF was set up for.
There now also exists a situation whereby there is talk of a £60m+ black hole, but that is misleading as it is based on accounting estimates that can change millions on a daily basis, depending upon the value of the assets in the scheme and the liabilities (based on life tables and discount rates).
I find it highly questionable that LH & BA can be involved in a transaction that ultimately results in a reduction to contractual pension commitments, and think this should be of concern to every (private sector) member of a DB scheme.