BA defers £450m of DRCs after 'swift and severe' pandemic closures
British Airways (BA) has deferred deficit recovery contributions (DRCs) totalling £450m following an agreement with trustees after a catastrophic year for the airline industry.
The £37.5m per month payments to the New Airways Pension Scheme (NAPS), plus interest, will instead be added to the end of the scheme's recovery plan in 2023. Interim deferrals had already been agreed...
More on Defined Benefit
Schemes to be slapped with £1.5bn bill for equalising past transfers
Schemes could be charged a £1.5bn bill to equalise past defined benefit (DB) scheme transfers after last year’s landmark GMP equalisation ruling, says Buck.
Covid-19 financial impact on DB schemes likely to be 'marginal'
The financial impact on defined benefit (DB) schemes from the Covid-19 pandemic is “likely to be marginal”, and only in the event of continued substantial additional deaths for many years would there be a significant reduction in UK DB scheme liabilities,...
What TPR's reports tell us about pre-pack deals
Luke Hartley looks at recent cases involving House of Fraser, Silentnight and Johnston Press
Pension transfer values recover after February dip
Defined benefit (DB) pension transfer values recovered by about a third last month after February’s sharp fall, according to figures from XPS Pensions Group.
Clearer DB guidelines on advice versus guidance needed, industry says
Guidelines on what is and is not viewed as defined benefit (DB) trustees providing members with regulated advice need to be clearer, respondents to a Professional Pensions survey say.
