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.
Respondents say they should only be required in certain situations as the system is not broken.
Smart Pension has absorbed more than 6,500 members from the Corporate Pensions Trust (CPT) after its trustees decided not to apply for authorisation.
The Defined Contribution Investment Forum (DCIF) has reappointed Vivek Roy as chairman for 2019 following a vote at its annual general meeting last November.