UK - British Airways received a £396m credit due to changes in the New Airways Pension Scheme according to its annual report, released today.
Under new IAS 19 accounting rules, pensionable pay was capped at the Retail Price Index resulting in the credit.
BA CEO Willie Walsh commented: “We have addressed the £2.1bn (US$4.1bn) pension deficit and disposed of the loss-making regional business, BA Connect.”
A BA spokesman confirmed that although there were plans to pay £800m into the debt-stricken fund, the full amount had not yet been credited.
Under terms agreed with the union, £800m is to be paid into the fund over the year following negotiations termed “difficult, lengthy and complex” by the T&G.
Overall operating profit fell for the year ending 31 March 2007 to £602m (US$1.1bn) from £694m (US$1.3bn) in 2006.
Net debt fell from £650m to £991 since the start of the financial year. This took into account the cash injection to the pension scheme.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.