A someone who benefits from a decent pension scheme, I feel really sorry for the bmi folk. What has taken place is appalling.
I'm afraid, though, that the Trustees did not get solid enough guarantees from the various Companies that have owned the airline. They appear to have let the owners off the hook - not recently, but back when the deals were done.
You cannot blame "shareholders". If I were stupid and rich, I might chose to buy lots of IAG shares. That does not give me a liability of any sort for the IAG pension scheme.
Remember that IAG is a HUGE pension scheme, with a very little airline trying to fund it.
No. Way back when, someone took their eye off the ball.
If it does all go tits up in Pension terms, I do hope it generates lots of publicity. Folk need to focus on this Pension lark!