International Airlines Group’s subsidiary British Airways has made the decision, pursuing consultation with its trade unions and workers, to start a flexible benefits plan incorporating a new defined contribution pension plan.
The plan will open up on April 1st future 12 months, changing the principal United kingdom defined gain plan, the New Airways Pension Plan, and the principal United kingdom defined contribution plan, the British Airways Retirement Prepare.
The variations are topic to NAPS trustees agreeing to amend the scheme’s procedures to help closure to foreseeable future accrual.
The new plan will offer you sector-competitive arrangements with a choice of contribution costs and the potential to decide for money alternatively of a pension.
Energetic NAPS members will also be provided a choice of transition arrangements together with a money lump sum, extra enterprise pension contributions or extra pension benefits in NAPS prior to its closure.
The total financial impression on British Airways will rely, in element, on the transition arrangements members pick out.