BA defers £450m of DRCs after 'swift and severe' pandemic closures

James Phillips
clock • 2 min read

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 ...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

James Phillips
Author spotlight

James Phillips

Professional Pensions journalist from 2016-2022

More on Defined Benefit

DB funding continues to improve in September

DB funding continues to improve in September

XPS analysis finds aggregate surplus of schemes rose by £14bn

Martin Richmond
clock 03 October 2023 • 1 min read
Professional Pensions' DB Funding Index

Professional Pensions' DB Funding Index

How the funding of defined benefit pension schemes is changing

Jonathan Stapleton
clock 03 October 2023 • 1 min read
Hitchiner: The establishment of a viable DB superfund regime would provide a valuable additional option

SPP: DB superfunds and pension fund consolidation

Steve Hitchiner says it remains to be seen whether DB superfunds will be a mass market solution

Steve Hitchiner
clock 02 October 2023 • 3 min read
Trustpilot