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Pensions black hole at BA
British Airways chief executive Rod Eddington seems to clear one hurdle only to be faced with another. Today the size of the airline’s pension problem became clear when it said it needed to top up its two main schemes by a total £133million. Poor stock market performance in recent years means BA’s Airways Pension Scheme (APS) is worth just £45million compared to £820million on its last valuation in March 2000. Meanwhile its New Airways Pension Scheme (NAPS), set up in 1984, has seen its deficit rise from £221m in March 2000 to a deficit of £928m three years later. The airline will pay £26m to APS from November 2003, while its NAPS contributions will increase by £107m a year to £225m from January next year. Both of the schemes are now closed to new employees. Shares in the airline dropped significantly – by 5p to 232p – as a result of the news.
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