De La Rue's defined benefit (DB) pension scheme gained £80.5m after swapping the index used to revalue benefits, but lost £0.5m to rectify discrepancies identified in the scheme's rules.
Airways Pension Scheme (APS) trustees' misunderstanding of the purpose of a defined benefit (DB) scheme was not consistent with regulation and produced "absurd results", British Airways' (BA) lawyer has told the High Court.
Members of the Airways Pension Scheme (APS) had an expectation to receive payment increases in line with the Retail Price Index (RPI), the trustee board's lawyer has argued.
Amending scheme rules to allow for discretionary increases provided an "elegant solution" to the indexation debate, according to the Airways Pension Scheme's (APS) leading counsel.