One thing is for sure, the Monarch pension fund is doomed. Look at BMI.... one multi billion dollar business (Lufty) can sell a small(ish) airline (BMI) to another multi billion dollar business (IAG) and dump the pension fund into the PPF in the process.... then surely the same could ( will, in my opinion ) happen to Monarch.
All those long serving Monarch pilots who are expecting final salary pensions of 50/60/70+k will be most affected by the cap of 36k (ish. I can't remember the actual figure.)
I'm not trying to worry you guys, but it is a real possibility.
Am I bitter about the BMI situation? Yes. Very.