Originally Posted by
Rated De
BA was no different, the government pension liability successfully shifted to Private sector dupes in 1986 when privatised.
No disagreement with your sentiments, but just for completeness and writing as one of those who recognises his great good fortune in having been signed into The Airways Corporations Joint Pension Scheme (full title of APS) Part VI, without having to even think about it.....
As I was told about it, the original BA APS scheme was set up as an ideal model scheme by the postwar Labour government for what was effectively a new nationalised industry (BEA/BOAC/BSAA). It was to be properly funded from relatively high contributions from both employees and employer, but not like Civil Service etc which are paid directly by the taxpayer. This had the big advantage that for many years there was a lot going in but with few pensioners so very little going out, which was what built the pot up. Pilot retirement age thinking was based on the military experience and was set at mandatory 55 but an optional 50.
The creation of NAPS did not transfer government liability as such, but really recognised that the generous levels in that ideal APS scheme created for a new postwar nationalised industry in the late 1940s couldn't in fact be sustained with ownership by private shareholders, especially after seeing what effect inflation could have in the early 70s. As a scheme that's been closed for decades, I think APS is in fact is in a healthy position thanks to the efforts of the members elected trustees in BAPS etc. But that doesn't do anything to address the situation of todays' generation who have been seriously screwed over by successive rounds of government and management decisions.