BA pension rescue strategy agreed with trustees
Monday, 22 Jun, 2010
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A rare bit of good news from the British Airways camp this morning – it has reached an agreement with its pension trustees on a strategy to sort out its £3.7 billion pension shortfall.
This should put a smile on chief executive Willie Walsh’s face as the carrier’s merger with Spanish airline Iberia is dependent on it significantly reducing the 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.
Iberia now has three months to consider the remedy, which managed to avoid closing the pension schemes, and decide whether it is enough to allow the merger to go ahead.
Walsh should savour his good start to Tuesday. If media speculation is correct, cabin crew union Unite is about to drop its next bombshell on BA with the news that it plans to ballot members for a series of August strikes.
by Dinah Hatch
Dinah
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