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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Wed Aug 24, 2005 3:27 am Post subject: BAY - BRITISH AIRWAYS - Discussion Thread |
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| Discuss news and views on BRITISH AIRWAYS here |
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cashman
Beginning Saver
Joined: 01 Oct 2004
Posts: 49
Cash Points ££ 140.00
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| Posted: Tue Apr 18, 2006 3:36 am Post subject: Pensions solution |
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A bit quite on BA so I thought this would interest you 
British Airways today announced plans to increase the retirement age for its staff in a bid to close a £2bn pension deficit.
Currently pilots and cabin crew who work for the airline retire at 55. Under the changes the normal retirement age for cabin crew will rise to 60 and then 65 in five years time, while pilots will retire at age 60.
The airline said a further rise in the retirement age for pilots, to bring it in line with that for cabin staff would follow if other countries which ban pilots from flying beyond 60 were relaxed.
Members of the airline's final salary scheme will not lose any benefits they have already earned, but in future they will accrue pension benefits at a slower rate.
BA's chief executive, Willie Walsh, said the changes were necessary if the airline was to provide competitive, affordable pensions for the future.
"These changes are necessary to clear the past deficit and to contain the amount of future funding needed," he said.
"It means working longer to get a similar annual pension, but one that is more secure. This should address the pension problem at British Airways once and for all."
Mr Walsh added that BA would make a payment of £500m into the scheme once the changes had been accepted by its members.
The Transport & General Workers Union, which has 20,000 members at BA, said the pension rescue plans would mean "more pain" for the workforce.
National officer Brendan Gold said he believed the package of measures could have been brought forward some time ago to give unions more time to study the details.
He said injecting £500m into the scheme only on condition that staff accept the changes was an "unnecessary touch".
He went on: "If the money was there it should be put in up front to show the company recognised its responsibilities properly.
"It was no secret that BA's pension funds were in deficit but we still don't really know if today's measures will be the right ones for our members and for the scheme."
BA's final salary scheme was closed to new members in 2003. It has over 50,000 members of working age and over 15,000 members who draw a pension.
BA is the latest in a long line of companies to make changes to its pension scheme in a bid to reduce a deficit. Some companies have been forced to close final salary schemes, while others have cut payments to members.
The rising stock market has reduced pension deficits but many companies are still struggling to meet their pension liabilities. |
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