British Airways to launch new UK pension scheme

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[{"type":"text","content":"\n \nRNS Number : 7618Y International Cons Airlines Group 08 December 2017  \n\nBRITISH AIRWAYS TO LAUNCH NEW UK PENSION SCHEME AND CLOSE ITS MAIN DEFINED BENEFIT SCHEME TO FUTURE ACCRUAL\nInternational Airlines Group's subsidiary British Airways has decided, following consultation with its trade unions and employees, to launch a flexible benefits scheme incorporating a new defined contribution pension scheme.  \nThe scheme will open on April 1, 2018 replacing the main UK defined benefit scheme, the New Airways Pension Scheme (NAPS), and the main UK defined contribution scheme, the British Airways Retirement Plan (BARP).\nThe changes are subject to NAPS trustees agreeing to amend the scheme's rules to enable closure to future accrual.\nThe new scheme will offer market-competitive arrangements with a choice of contribution rates and the ability to opt for cash instead of a pension.  Active NAPS members will also be offered a choice of transition arrangements including a cash lump sum, additional company pension contributions or additional pension benefits in NAPS prior to its closure.\nThe overall financial impact on British Airways will depend, in part, on the transition arrangements members select.  \nEnds\nDecember 8, 2017                                                                                                                                               IAG15\n \nNOTES TO EDITORS \nNAPS opened on April 01, 1984 and closed to new joiners on March 31, 2003. It represents around 47 per cent of BA's active employees currently with 52 per cent in BARP.\nThese changes are aimed at addressing the rising ...

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