Subscribe Login
General Industry

British Airways Signs Agreement Under New Airways Pension Scheme

By Dave Simpson

British Airways has signed an agreement with the trustee of its New Airways Pension Scheme (NAPS) on the scheme's triennial valuation, the airline's owner, IAG, has said.

Agreed Technical Provisions Deficit

The valuation, based on the scheme's funding position as of 31 March, 2021, shows an agreed technical provisions deficit of £1.65 billion, compared with a deficit of £2.4 billion as of 31 March, 2018.

Dividend

Under the terms of the agreement, British Airways will not pay a dividend in 2022 and 2023, and there will be a 50% matching contribution to NAPS if any dividend is paid in 2024, IAG said.

Get a FREE Digital Subscription!

Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription
Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription