PC767

You forgot about the future pensions of many staff.
To avoid going into the PPF, BA/IAG has to remain solvent.

Count Niemantznarr

Some were indeed critical but even so there's absolutely zero appetite for that particular industrial action starting up again.

777 has a very good point.
NAPS alone has a fund value of about UKP 20 Billion.

The whole of IAG is only worth UKP 3.8 billion. BA is still a pension fund with a little airline attached.

The deficit is about UKP 3 Billion.

BA were supposed to pay in 450m per annum for at least 3 years. Where is that coming from??

Most investments by Pension funds are not in a good place right now.

So let's all have a strike, and pass on Slots to other airlines, and be paid our pensions from the PPF..

Great idea.

777JRM

There's a 3 month backlog for a CETV and it currently takes about 8 weeks to get a 'retirement pack' . Makes you wonder why.
There's an awful lot of over 55s looking at taking the money and legging it sharpish just to protect their pension. If the US market doesn't open before Christmas BA are screwed.

Ancient Observer

Not sure the NAPS figures are even that good.

Mostly because BA took their "pension holiday".

Wait until the 55+ start pulling it out, or crystalizing it. The black hole will become even clearer.

...
Count Niemantznarr -

Greetings, Excellency,

Apologies if one caused any offence with those links, posted in the hope they might answer a couple of earlier questions. No criticism implied, intended (or dare one claim evident ?) in one's post, of any individual or group.

If link content should be the issue, one would recommend referring such matters to their respective Editors.

And one is awfully apologetic that one is quite unable to answer any of your direct or implied questions about the pilots' strike you refer to.

Respectful felicitations, Lord Flasheart.

BTW - One thought Your Excellency had retired to the country years ago. Does one detect a teenzy-weenzy residual chip on the noble shoulder ?
...

There seems to be a huge appetite by some to bring BA down. In three weeks, 15/9 I believe,. there is to be a rights issue of €2.75B which Qatar have already pledged to take up their 25% share. If things look bad then lots of the remaining 75% will be left with the underwriters. They will unload them and I can easily see 24% of them being bought by Qatar, 49% is the Max shareholdering they can hold.
This stake could have a profound effect on IAGs future
Will they then seek to offload NAPS into the PPS, as I understand it the PPS would require BA to make good the deficit, unless BA declare bankruptcy, unlikely I feel after the rights issue. So great uncertainty I believe.

I suggest you read up on pension law before making incorrect assertions.

Walnut

Great uncertainty but pension funds run over many decades,so although a short term problem a return to profit in a few years should see the NAPS fund back on track.

I am a 'pensioner' in a pension fund that was under BA's wing once. The BRAL Pension Scheme. We have just had our pension payments cut by 35%. Something worth thinking about. Good night. Sleep happily.

Noel, very sad to hear this situation. Thanks for sharing. I posted recently with concerns of the ill conceived CRS, in particular what happens if there was a further downturn and the view that there are a multitude of more worthy causes to focus on for those fortunate enough to continue working......a poignant example and I am sure more examples of hardship and individual difficulties will surface....as has been said, consciences particularly with regard to self interest in the wider context of hardship need squaring......

..Noel - Is that the pension fund that's now based in the Isle of Man - outside the jurisdiction of the UK Pension Protection Fund ?

Heart felt commiserations - Sounds like it got a touch of the maxwell.

Not sure whether this should be here, since BA feature prominently or in UK politics..anyway:

https://www.theguardian.com/business...owns-across-uk

Is civil war brewing for BA pilots and union BALPA?https://www.headforpoints.com/2020/0...ommentsContent

If its correct, what chance of any deal in round 2 ?

Quite likely. Lots of issues but the core one is a fracture line 34 v 24. Main objective of any BA round Two will almost certainly be to eliminate 34. All depends on the willingness of legacy contracts holders to give up some of their seniority perks and salary. If the answer is no I suspect an awful lot more junior pilots will be paying for these with their jobs.

The article largely reflects the comments on the open BALPA message board. I hate to think what is being said on the BA only one. If the rumours are substantiated there are some awkward questions to be asked. My own long experience of working in a unionised airline was that the senior pilots were reluctant to sacrifice a red cent for the junior ones and a good CC was critical to persuade them to do so. The 24/34 issue was the un-intended by product of the retirement age changing along with the expectation that most pilots would retire close to their original planned ages. Anyone who took the time to speak to older pilots would have soon realised that most would cling on til they had to be carried out, particularly if they had the safety net of Loss of Licence and Loss of Income Insurance. During the past 10 years with a glut of decent jobs and rapid promotion the youngsters have been able to overlook the obvious unfairness of the system by virtue of their own rapid progression. We are all in a very new world now and a workforce split by terms and conditions are going to howl with rage if the perceive that the union is not working equally for all. Own goal for the BACC's and big Balpa.

Can a handful of subs from legacy BA pilots really sustain balpa HQ in the manner to which they have become accustomed? Having been on the receiving end of the BACC and balpa more than once,I do hope not.

This thread was started on the 28th of Apr and is titled:

IAG: BA restructuring may cost 12,000 jobs And today in the BBC NEWS American Airlines to cut 19,000 jobs as travel falls United last month said as many as 36,000 jobs were at risk.

Germany's Lufthansa has warned it may cut 22,000 positions
Link to the BBC Article: [url=https://www.bbc.com/news/business-53910936]https://www.bbc.com/news/business-53910936

It's all relative and not good news for our industry and it's workers.

Let’s hope one of the 140 or so vaccines being developed is successful soon.

The Oxford one has run out of CV19 patients in the UK, so will do its Phase 3 testing in Brazil and S.Africa.
It has few side effects and promotes a strong immune response.
Apparently, Trump has ordered a load, to time with the election perhaps.

Then all we need are the world’s governments to stop trashing their economies.