BA pension rescue strategy agreed with trustees
Monday, 22 Jun, 2010
0
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
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Clearing CSS/JS assets' cache... Please wait until this notice disappears...
Updating... Please wait...
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Euromonitor International unveils world’s top 100 city destinations for 2025
U.S.A. and Israel attacks on Iran impact air movements in the Gulf (Update 1.00pm CET)
Global tourism exceeds 1.5 billion travelers announces UN-Tourism
WTTC global tourism reached record economic impact of 11 trillion in 2025