The bmi pensions action group (BPAG).
The BPAG has been set up to secure justice following the decision of the UK Pension Regulator to assess the bmi pension scheme for entry into the Pension Protection Fund (PPF) – a move that will mean substantial cuts in pensions for people who have conscientiously paid contributions in the expectation of a reasonable standard of living for them and their dependents in retirement.
And this bmi pension debacle reaches every corner of bmi; existing pensioners and those still working, deferred pensioners, widows and orphans; relatively well paid and lower paid; those in a union and those not. Everyone will suffer and BALPA has made its expertise and resources available to support BPAG and to give those whose pensions and associated benefits are to be cut, a voice.
And this not only affects bmi employees and pensioners. As reported in the Sunday Times “for the first time a large solvent company has been allowed to dump liabilities into the Pension Protection Fund (PPF) and walk away”. Where Lufthansa (the owners of bmi) has trod, others may try to follow. All pension funds will suffer, as all are expected to fund the PPF by way of a levy and yet, in this case, will be required to do so because of the actions of a blue chip company.
BALPA | ABOUT BMI PENSIONS