UK - Strike action by professional staff of British Airline Pilots Association (BALPA) has been called off after last minute negotiations reached a settlement, although there are no changes to the contentious pension reforms.
Under the existing deal, BALPA's defined benefit (DB) schemes will be frozen to new members, with a defined contribution (DC) scheme set up in its place.
The DC scheme will have 5% employee and 12% employer contributions and the retirement age at which pensions can be drawn has been increased from 60 to 65.
BALPA said reforms were necessary to close the £4.6m (US$8.9m) deficit in its pension plan (www.globalpensions.com, 6 August).
An independent assessment of the changes to the pension scheme by actuaries Brendon Barber said BALPA ran a "high quality" pension scheme and the GMB's proposals to allow staff to retire at 60 without impacting BALPAs future pension liabilities would only delay costs, rather than reducing them.
This week's Pensions Buzz respondents were mostly in agreement that 10 weeks is an appropriate length of time to conduct a full DB to DC transfer.
In this week's Pensions Buzz, we want to know if you think Guy Opperman will stay in post as pensions and financial inclusion minister under the new prime minister.
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