UK - British Airways has told staff that their benefits could be slashed by 40% if the company became insolvent.
BA’s latest edition of its staff newsletter spells out the implications of its £928m deficit in the New Airways Pension Scheme.
“Although there is no indication from British Airways that it will not support the scheme in the future, the actuary has, nevertheless, looked at what the position might be if that support no longer existed,” the newsletter says.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).