UK - Air travellers face New Year chaos as BAA staff voted in favour of strike action over the closure of its final salary pension scheme to new entrants.
Brian Boyd, national secretary, Unite, civil air transport, told Global Pensions: "The company holds the key to solving the impasse we are in."
Boyd continued: "If they reconsider their decision on the scheme's closure to new entrants, we are happy to talk with them. Trade unions understand companies' concerns over pension schemes, but a £27m deficit is a drop in the ocean to one this size."
Officials from BAA and the three unions met earlier this month to discuss options available to the company and its staff.
Boyd described these negotiations as "rather closed ended".
The £2.2bn pension scheme is due to undergo its actuarial assessment in April. Boyd commented it would have been more appropriate to have discussed the fund at this time when a clearer picture would be available.
Boyd concluded: "This is just a concerted effort by the board to have a go at the pension scheme. With this strike action, our members are exercising their right to decent pension provision."
BAA operates London Heathrow, Gatwick and Stansted airports, plus Edinburgh, Glasgow and Aberdeen terminals.
An analysis of IGC annual reports finds some lacking in information on value for money, costs and charges, and investment performance. James Phillips explores the findings
A new cost transparency solution is being developed for pension schemes by a financial services technology firm.
Supermarket giant Asda's plans to reform its pensions have been decried as "unfair, unreasonable and unnecessary" as the workers' union began talks with the employer.
The Pensions Administration Standards Association (PASA) has launched a checklist to help trustees with the rectification process for guaranteed minimum pensions (GMP).