13 Sep

Pension Update: Wednesday 13th September

To all Unite, BALPA and GMB members in British Airways

13 September 2017

BA Pensions – Joint Trade Union Newsletter #1

Dear Colleague

Following BA’s announcement on 7 September, the joint Trade Unions called for an urgent meeting with senior managers. This meeting took place on 12 September.

During this meeting BA once again outlined their view of the funding problems facing NAPS and reiterated the Company’s intention to close the final salary scheme to future accrual early next year.

Over the last few months Unite, BALPA and the GMB have met regularly, exchanged information, received independent advice from our own actuaries and obtained detailed information about NAPS during briefing sessions with the NAPS scheme actuary and PwC, the management consultants who act as covenant (ability to pay) advisors to the NAPS Trustees.

The outcome of the meeting on 12 September was that Unite, BALPA and the GMB advised BA that their financial experts would examine the decision to close NAPS to future accrual. This work will be led by Ed Sabisky, Unite’s Director of Finance, who will report back to your Representatives by 19 September when formal consultation begins.

Further updates will be provided in due course.

Yours sincerely

Oliver Richardson, National Officer, Unite

John Moore, Head of Industrial Relations, BALPA

Mick Rix, National Officer, GMB

Pensions

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