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.
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