BA secure deal with pensions trustees
23.06.10
British Airways announced yesterday that it has agreed a recovery plan with trustees at both its final salary pension schemes to address its £3.7 billion pension deficit. The airline has already consulted with unions on the rescue plan that will see it pay £330 million a year to two schemes until 2023 and 2026. The move brings the airline a step closer to its planned merger with Spanish airline Iberia.
BA said it will now submit the full recovery plan, which avoids closing the schemes, to the UK Pensions Regulator by June 30. Its Chief Financial Officer, Keith Williams, said: ‘This agreement is a significant and positive step forward for British Airways and the pension scheme members.'
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