British Airways Pensions: APS Discretionary Increases – settlement proposed

9 April 2019

Airways Pension Scheme publishes on its website:

“Subject to obtaining the approval of the High Court, the Trustee Directors of the Airways Pension Scheme have unanimously agreed with British Airways Plc (BA) terms for an out-of-Court settlement. This would bring to an end the litigation that commenced in 2013 and which is otherwise due to proceed to appeal at the Supreme Court later this year.

Under the term of the proposed settlement, the Trustee of the Airways Pension Scheme (the APS Trustee) will be permitted, subject to some affordability tests, to award Discretionary Increases so that APS pensions are increased up to the annual change in the Retail Prices Index (RPI) from 2021 with interim catch-up increases, BA will cease paying further deficit recovery contributions, including cash sweep payments, and the Trustee will withdraw its appeal to the Supreme Court.”

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